By Sheri Kasprzak
New York, Sept. 19 - Madalena Ventures Inc. intends to raise C$22 million in a private placement.
The offering includes up to 27.5 million units at C$0.80 each.
The units are comprised of one share and one half-share warrant. Each whole warrant is exercisable at C$0.90 for one year.
Placement agent Canaccord Capital Corp. has a greenshoe for up to 2.75 million additional units.
The deal is scheduled to close Oct. 12.
Proceeds will be used for ongoing oil and gas acquisition, exploration and development projects.
Based in Calgary, Alta., Madalena is an oil and natural gas exploration and development company.
Issuer: | Madalena Ventures Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$22 million
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Units: | 27.5 million
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Greenshoe: | For 2.75 million units
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Price: | C$0.80
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.90
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Placement agent: | Canaccord Capital Corp.
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Pricing date: | Sept. 19
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Settlement date: | Oct. 12
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Stock symbol: | CNQ: MAVI
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Stock price: | C$0.85 at close Sept. 18
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