By Devika Patel
Knoxville, Tenn., Aug. 16 - Liberty Energy Corp. announced it has arranged an $8 million line of credit with Asia-Pacific Capital Ltd.
Asia-Pacific has committed to purchase up to $8 million of the company's units over four years at a price equal to the higher of $0.50 or 90% of the volume-weighted average of the closing price of its common stock for the five days immediately preceding the date of the drawdown notice.
Each unit consists of one common share and a one-and-a-half-shares warrant.
The warrants are exercisable at an exercise price equal to 125% of the unit price for three years.
The oil and gas explorer is based in Selby, England.
| Issuer: | Liberty Energy Corp.
|
| Issue: | Equity line of credit
|
| Amount: | $8 million
|
| Tenor: | Four years
|
| Price: | Higher of $0.50 or 90% of the stock's VWAP
|
| Warrants: | One-and-a-half-shares warrant per unit
|
| Warrant expiration: | Three years
|
| Warrant strike price: | 125% of unit price
|
| Investor: | Asia-Pacific Capital Ltd.
|
| Pricing date: | Aug. 16
|
| Stock symbol: | OTCBB: LBYE
|
| Stock price: | $0.27 at close Aug. 13
|
| Market capitalization: | $30.84 million
|
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