Proceeds earmarked for oil and gas projects, general working capital
By Devika Patel
Knoxville, Tenn., Oct. 6 - Lynden Energy Corp. said it will sell C$7 million of units at C$0.50 apiece in a non-brokered private placement.
Each unit consists of one common share and one warrant. Each warrant is exercisable at C$0.70 for three years. The strike price is a 40% premium to C$0.50, the Oct. 5 closing share price.
Proceeds will be used for the company's oil and gas projects and for general working capital purposes.
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 warrant
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Amount: | C$7 million
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Units: | 35 million
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Price: | C$0.50
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Warrants: | One warrant per unit
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Warrant expiration: | Three years
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Warrant strike price: | C$0.70
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Agent: | Non-brokered
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Pricing date: | Oct. 6
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Stock symbol: | TSX Venture: LVL
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Stock price: | C$0.50 at close Oct. 6
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Market capitalization: | C$36.66 million
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