By Laura Lutz
Des Moines, May 31 - Loon Energy Inc. secured C$25 million from a private placement of shares with Kulczyk Group International Sarl.
Under the agreement, Kulczyk will buy 25 million common shares at C$1.00 each.
Settlement is expected on June 28.
Loon said in a news release that it expects the deal with Kulczyk to "mark the beginning of a strategic alliance between the two, which may expose Loon to additional opportunities and alternative sources of capital."
Loon is an oil and gas company based in Calgary, Alta.
| Issuer: | Loon Energy Inc.
|
| Issue: | Shares
|
| Amount: | C$25 million
|
| Shares: | 25 million
|
| Price: | C$1.00
|
| Warrants: | No
|
| Pricing date: | May 31
|
| Settlement date: | June 28
|
| Stock symbol: | TSX Venture: LEY
|
| Stock price: | C$0.70 at close May 31
|
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