By Sheri Kasprzak
Atlanta, Dec. 1 - Leader Energy Services Ltd. said Wednesday it will raise up to C$5 million in a private placement.
The company will sell a maximum of 4 million units at C$1.25 each and a minimum of 2.4 million units at the same price. The units are comprised of one share and one half-share warrant.
The whole warrants allow for an additional share at C$1.70 each for two years.
Research Capital Corp. is the placement agent in the deal and has an over-allotment option equal to 15% of the number of units sold in the offering. The greenshoe is exercisable for 60 days after closing.
Based in Calgary, Alta., Leader provides field services for oil and gas well stimulation. The company plans to use the proceeds from the offering for the purchase of one deep-coiled tubing unit, two nitrogen pumper units, two nitrogen bulker units and for working capital.
| Issuer: | Leader Energy Services Ltd.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5 million (maximum); C$3 million (minimum)
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| Shares: | 4 million units (maximum); 2.4 million units (minimum)
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| Price: | C$1.25
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$1.70
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| Placement agent: | Research Capital Corp.
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| Announcement date: | Dec. 1
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| Stock price: | C$1.40 at close Dec. 1
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