By Devika Patel
Knoxville, Tenn., March 22 - Ironhorse Oil & Gas Inc. said it will raise C$5.04 million in a private placement of stock.
The company will sell 3.6 million flow-through common shares at C$1.40 per share. Half of the shares will be sold on a bought-deal basis, with the remainder selling on a best-efforts basis.
The deal will be conducted by a syndicate of underwriters led by Jacob Securities Inc. There is a greenshoe for C$1 million.
Settlement is expected April 14.
Proceeds will be used for exploration.
Ironhorse is an oil and natural gas company based in Calgary, Alta.
| Issuer: | Ironhorse Oil & Gas Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$5.04 million
|
| Greenshoe: | C$1 million
|
| Shares: | 3.6 million
|
| Price: | C$1.40
|
| Warrants: | No
|
| Agents: | Jacob Securities Inc. (lead)
|
| Pricing date: | March 22
|
| Settlement date: | April 14
|
| Stock symbol: | TSX Venture: IOG
|
| Stock price: | C$1.21 at close March 22
|
| Market capitalization: | C$26.3 million
|
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