By Sheri Kasprzak
Atlanta, Jan. 28 - Leader Energy Services Ltd. has upsized its previously announced C$5 million private placement to C$7.25 million.
The company will now sell 5.8 million units at C$1.25 each. The units include one share and one half-share warrant.
The whole warrants allow for an additional share at C$1.70 each for two years.
Placement agent Research Capital Corp. 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.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$7.25 million
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| Shares: | 5.8 million
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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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| Greenshoe: | For 15% of the units sold
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| Placement agent: | Research Capital Corp.
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| Announcement date: | Dec. 1
|
| Upsized: | Jan. 28
|
| Stock price: | C$1.40 at close Dec. 1
|
| Stock price: | C$1.60 at close Jan. 27
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