By Devika Patel
Knoxville, Tenn., July10 - Longford Energy Inc. said it completed a private placement of units, raising C$20 million. The deal priced for C$15 million with a C$5 million greenshoe on June 18.
The company sold 25 million units of one share and one half-share warrant at C$0.80 apiece. Of the units, 6.25 million were part of the fully exercised greenshoe.
Each whole warrant will be exercisable at C$1.00 for two years.
The deal was conducted by a syndicate of underwriters led by Canaccord Capital Corp.
Proceeds will be used for general corporate purposes.
Longford is a Toronto-based oil and gas exploration company.
| Issuer: | Longford Energy Inc.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$20 million (including C$5 million greenshoe)
|
| Units: | 25 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
| Underwriters: | Canaccord Capital Corp. (lead)
|
| Pricing date: | June 18
|
| Settlement date: | July 10
|
| Stock symbol: | TSX Venture: LFD
|
| Stock price: | C$0.92 at close June 17
|
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