By Devika Patel
Knoxville, Tenn., March 30 - Nextraction Energy Corp. said it raised C$4.24 million in a non-brokered private placement of units. The deal priced for C$3 million March 17 and was lifted to C$4.21 million on March 26.
The company sold 4.24 million units of one common share and one half-share warrant at C$1.00 each. The whole warrants are exercisable at C$1.25 each for one year.
Proceeds will be used to finance the completion of the company's Noble 6-24 well in the Pinedale Anticline field and for general working capital purposes.
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$4.24 million
|
| Units: | 4.24 million
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.25
|
| Agent: | Non-brokered
|
| Pricing date: | March 17
|
| Upsized: | March 26
|
| Settlement date: | March 30
|
| Stock symbol: | TSX Venture: NE
|
| Stock price: | C$1.16 at close March 17
|
| Market capitalization: | C$9.13 million
|
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