By Sheri Kasprzak
Atlanta, March 31 - Loon Energy Inc. said the underwriters of an offering of stock exercised the over-allotment option, lifting the total size of the private placement to C$20 million.
The company sold 21,052,636 shares at $0.95 each, including the greenshoe for 5,263,158 shares.
The underwriting syndicate was led by Canaccord Capital Corp. and included Orion Securities Inc., Dundee Securities Corp. and Brant Securities Ltd.
The deal was announced as a C$15 million offering on March 16.
Based in Calgary, Alta., Loon is an oil and gas development company focused on projects in south central Europe and Colombia. The proceeds will be used for the drilling of exploration and development wells and the shooting of a 3-dimensional seismic in Colombia. The remainder will be used for working capital and expanded capital expenditures.
| Issuer: | Loon Energy Inc.
|
| Issue: | Stock
|
| Amount: | C$20 million
|
| Shares: | 15,789,478
|
| Greenshoe: | for 5,263,158 shares (exercised)
|
| Price: | C$0.95
|
| Warrants: | No
|
| Underwriters: | Canaccord Capital Corp. (lead); Orion Securities Inc.; Dundee Securities Corp.; Brant Securities Ltd.
|
| Pricing date: | March 16
|
| Settlement date: | March 31
|
| Stock price: | C$1.02 at close March 16
|
| Stock price: | C$1.02 at close March 31
|
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