Non-brokered offering funds capital expenditure, loan, debt payments
By Devika Patel
Knoxville, Tenn., May 19 - Innovative Wireline Solutions Inc. said it will conduct a C$1.2 million non-brokered private placement of units.
The company will sell 24 million units of one common share and one warrant at C$0.05 per unit. Each two-year warrant will be exercisable at C$0.10. The strike price is a 150% premium to C$0.04, the May 18 closing share price.
Proceeds will be used for capital expenditure payments, outfitting fleet to expand services, outstanding loan and debt payments and general working capital.
The Calgary, Alta., company provides wireline oilfield services to oil and natural gas exploration and production companies.
| Issuer: | Innovative Wireline Solutions Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.2 million
|
| Units: | 24 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.10
|
| Agent: | Non-brokered
|
| Pricing date: | May 19
|
| Stock symbol: | TSX Venture: IWS
|
| Stock price: | C$0.04 at close May 19
|
| Market capitalization: | C$1.21 million
|
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