By Devika Patel
Knoxville, Tenn., Nov. 20 - Nextraction Energy Corp. said it raised C$2.82 million in the first tranche of a C$6 million non-brokered private placement of units. The deal priced on Oct. 26.
The company is selling 8 million units of one common share and one half-share warrant at C$0.75 each. It sold 3,762,000 units in this tranche. The whole warrants are exercisable at C$0.95 each for one year.
Proceeds will be used for drilling.
Nextraction is a junior oil and gas company in Vancouver, B.C.
| Issuer: | Nextraction Energy Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6 million
|
| Units: | 8 million
|
| Price: | C$0.75
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.95
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 26
|
| Settlement date: | Nov. 19 (for C$2,821,500)
|
| Stock symbol: | TSX Venture: NE
|
| Stock price: | C$0.85 at close Oct. 23
|
| Market capitalization: | C$6.47 million
|
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