Deal funds growth capital program, debt repayment, corporate purposes
By Devika Patel
Knoxville, Tenn., June 13 – Hyduke Energy Services Inc. said it will raise about C$3.8 million in a private placement of stock.
The company will sell common shares at C$0.62 each on a bought-deal basis. The price per share is a 10.15% discount to C$0.69, the June 12 closing share price.
Settlement is expected on June 27.
Proceeds will be used for the company's growth capital program, to reduce debt and for general corporate purposes.
Based in Edmonton, Alta., Hyduke provides oilfield equipment and services to the oil and natural gas exploration sector.
| Issuer: | Hyduke Energy Services Inc.
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| Issue: | Common stock
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| Amount: | C$3.8 million (approximate)
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| Price: | C$0.62
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| Warrants: | No
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| Pricing date: | June 13
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| Settlement date: | June 27
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| Stock symbol: | Toronto: HYD
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| Stock price: | C$0.69 at close June 12
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| Market capitalization: | C$16.06 million
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