Company to use proceeds for development of Viking light oil prospects
By Devika Patel
Knoxville, Tenn., Oct. 20 - Nextraction Energy Corp. said it has arranged a C$1 million non-brokered private placement of units.
Nextraction will sell 3,333,333 units of one common share and one half-share warrant at C$0.30 per unit.
Each whole warrant is exercisable at C$0.40 for one year. The strike price is identical to the Oct. 19 closing share price.
Settlement is expected Oct. 28.
Proceeds will be used for development of the company's Viking light oil prospects in the Provost Pool of southeastern Alberta.
Nextraction is a junior oil and gas company in Calgary, Alta.
| Issuer: | Nextraction Energy Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1 million
|
| Units: | 3,333,333
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.40
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 20
|
| Settlement date: | Oct. 28
|
| Stock symbol: | TSX Venture: NE
|
| Stock price: | C$0.40 at close Oct. 19
|
| Market capitalization: | C$10.5 million
|
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