Company also reduced C$6 million non-brokered deal to C$3.5 million
By Devika Patel
Knoxville, Tenn., March 1 - Nextraction Energy Corp. said it has arranged a private placement of units with underwriter NCP Northland Capital Partners Inc. The company will raise C$2.5 million. It also said its Feb. 16 non-brokered private placement of units has been reduced to C$3.5 million from C$6 million.
Nextraction will sell 1,157,400 units of one common share and one flow-through common share at C$2.16 per unit. The price per unit is a 113.86% premium to the Feb. 28 closing share price of C$1.01.
Settlement is expected March 15.
Proceeds will be used for development of the company's properties and general working capital.
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$2,499,984
|
| Units: | 1,157,400
|
| Price: | C$2.16
|
| Warrants: | No
|
| Agent: | NCP Northland Capital Partners Inc.
|
| Pricing date: | March 1
|
| Settlement date: | March 15
|
| Stock symbol: | TSX Venture: NE
|
| Stock price: | C$1.01 at close Feb. 28
|
| Market capitalization: | C$17.01 million
|
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