Integral Wealth and GMP Securities lead the agent syndicate for offer
By Devika Patel
Knoxville, Tenn., Dec. 31 – Manitok Energy Inc. said it raised C$8.31 million in the first tranche of a private placement of stock on Wednesday. The deal priced for between C$10 million and C$20 million on Dec. 17.
The company is selling common shares at C$0.13 apiece and flow-through common shares at C$0.15 apiece on a best-efforts basis. It will only sell up to C$6 million in flow-through shares.
Manitok sold 23,766,831 common shares and 34,768,800 flow-through shares in the first tranche.
The prices per share are identical and a 15.39% premium, respectively, to C$0.13, the Dec. 16 closing share price.
The deal is being conducted by a syndicate of agents co-led by Integral Wealth Securities Ltd. and GMP Securities LP.
Manitok also announced on Dec. 31 that it has closed a concurrent non-brokered private placement of 310,700 flow-through shares.
Proceeds will be used for exploration, to reduce bank debt, for Manitok’s 2016 capital program and for general corporate purposes.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Manitok Energy Inc.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$10 million (minimum), C$20 million (maximum)
|
| Warrants: | No
|
| Agents: | Integral Wealth Securities Ltd., and GMP Securities LP (co-leads), Dundee Securities Inc., National Bank Financial Inc. and Canaccord Genuity Group Inc.
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 30 (for C$8,305,008)
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| Stock symbol: | TSX Venture: MEI
|
| Stock price: | C$0.13 at close Dec. 16
|
| Market capitalization: | C$12.31 million
|
|
|
| Flow-through shares
|
| Amount: | C$6 million (maximum)
|
| Price: | C$0.15
|
|
|
| Common shares
|
| Price: | C$0.13
|
|
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