Oil and gas company increases offering for a third time due to demand
By Devika Patel
Knoxville, Tenn., Dec. 22 - Manitok Energy Inc. said it has settled the first tranche of a private placement. The deal priced for C$15 million on Nov. 29 and was increased to C$17 million on Dec. 16. Manitok took in C$17.64 million in the initial tranche and expects to close a second tranche by Dec. 31; the deal has been increased again to C$18.1 million due to strong demand.
The company is selling common shares at C$1.00 apiece and flow-through common shares at C$1.15 apiece. It will only sell up to C$8 million in flow-through shares.
In the first tranche, Manitok sold 10,031,500 common shares and 6,618,559 flow-through shares.
The prices per share represent a 3.85% discount and a 10.58% premium to C$1.04, the Nov. 26 closing share price.
The deal is being conducted by agent Integral Wealth Securities Ltd. on a best-efforts basis.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Manitok Energy Inc.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$18.1 million
|
| Warrants: | No
|
| Agent: | Integral Wealth Securities Ltd.
|
| Pricing date: | Nov. 29
|
| Upsized: | Dec. 16
|
| Settlement date: | Dec. 22 (for C$17,642,843)
|
| Stock symbol: | TSX Venture: MEI
|
| Stock price: | C$1.04 at close Nov. 26
|
| Market capitalization: | C$22.59 million
|
|
|
| Flow-through shares
|
| Amount: | C$8 million (maximum)
|
| Price: | C$1.15
|
|
|
| Common shares
|
| Price: | C$1.00
|
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