Proceeds of non-brokered deal used for acquisition of Raimount Energy
By Devika Patel
Knoxville, Tenn., June 29 – Manitok Energy Inc. said it will raise C$1.5 million in a non-brokered private placement of subscription receipts.
The company will sell the receipts at C$0.18 apiece, a 5.88% premium to the June 28 closing share price of C$0.17. Each receipt will be exchangeable for one common share.
Settlement is expected July 8.
Proceeds will be used for the planned acquisition of Raimount Energy Inc. The acquisition is not conditional upon the placement.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Manitok Energy Inc.
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| Issue: | Subscription receipts
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| Amount: | C$1.5 million
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| Price: | C$0.18
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| Warrants: | No
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| Agents: | Non-brokered
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| Pricing date: | June 29
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| Settlement date: | July 8
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| Stock symbol: | TSX Venture: MEI
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| Stock price: | C$0.17 at close June 28
|
| Market capitalization: | C$27.38 million
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