By Sheri Kasprzak
Atlanta, Dec. 21 - Innova Exploration Ltd. said Tuesday it wrapped an upsized C$11 million private placement.
The company sold 1,958,903 shares at C$3.65 each and 865,557 flow-through shares at C$4.50.
A syndicate of underwriters led by Jennings Capital Inc. and including Peters & Co. Ltd. and Maison Placements of Canada Inc. exercised an over-allotment option on the deal for C$3 million.
Innova, based in Calgary, Alta., is an oil and natural gas exploration, development and production company. The company plans to use the proceeds from the deal for its exploration and development activities.
| Issuer: | Innova Exploration Ltd.
|
| Issue: | Common shares and flow-through common shares
|
| Amount: | C$11 million
|
| Underwriters: | Jennings Capital Inc. (lead); Peters & Co.; Maison Placements of Canada Inc.
|
| Announcement date: | Dec. 1
|
| Settlement date: | Dec. 21
|
| Stock price: | C$3.75 at close Dec. 21
|
|
|
| Common shares
|
| Shares: | 1,958,903
|
| Price: | C$3.65
|
| Warrants: | No
|
|
|
| Flow-through shares
|
| Shares: | 865,557
|
| Price: | C$4.50
|
| Warrants: | No
|
|
|
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