Deal funds exploration and development of the Viking A Oil formation
By Devika Patel
Knoxville, Tenn., Feb. 16 - Nextraction Energy Corp. said it has negotiated a private placement of units. The company will raise C$6 million.
Nextraction will sell 5,587,412 units of one common share and one flow-through common share at C$1.0743 per unit. Each flow-through common share consists of 0.2973 of a flow-through share priced at C$1.10 and 0.7027 of a flow-through share priced at C$1.30. The price per unit is a 6.37% premium to the Feb. 15 closing share price of C$1.01.
Proceeds will be used for exploration and development of the Viking A Oil formation.
Nextraction is a junior oil and gas company in Vancouver, B.C.
| Issuer: | Nextraction Energy Corp.
|
| Issue: | Units of one common share and one flow-through common share
|
| Amount: | C$6,002,557
|
| Units: | 5,587,412
|
| Price: | C$1.0743
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 16
|
| Settlement date: | Feb. 24
|
| Stock symbol: | TSX Venture: NE
|
| Stock price: | C$1.01 at close Feb. 15
|
| Market capitalization: | C$18.03 million
|
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