By Devika Patel
Knoxville, Tenn., May 27 - Lynden Energy Corp. announced it has negotiated a C$7.15 million private placement of units.
The company will sell 5.5 million units at C$1.30 each. The units consist of one common share and one half-share warrant with each whole two-year warrant exercisable at C$1.75 in the first year and at C$2.00 thereafter.
Proceeds will be used for the company's Paradox Basin Project and for general working capital.
Based in Vancouver, B.C., Lynden Energy is a petroleum and natural gas exploration company.
Issuer: | Lynden Energy Corp.
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Issue: | Units of one common share and one half-share warrant
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Amount: | C$7.15 million
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Units: | 5.5 million
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Price: | C$1.30
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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$1.75 in the first year, C$2.00 thereafter
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Pricing date: | May 27
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Stock symbol: | TSX Venture: LVL
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Stock price: | C$1.50 at close May 26
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