By Laura Lutz
Des Moines, June 14 - North Peace Energy Corp. arranged a private placement of subscription receipts for about C$20 million.
The company plans to sell 9,523,810 subscription receipts at C$2.10 each.
The placement will be conducted in connection with the company's planned acquisition of the remaining 30% ownership in its northern Alberta land holdings.
Each subscription receipt will be exchanged for one share upon closing of the acquisition.
GMP Securities LP will lead a syndicate of underwriters that includes Blackmont Capital Inc., Raymond James Ltd. and Canaccord Adams Inc.
Settlement of the private placement is expected on June 28.
Proceeds will be used for the Alberta land acquisition, for advancement of the company's Cyclic Steam Stimulation pilot and for working capital.
North Peace is an oil sands company based in Calgary, Alta.
| Issuer: | North Peace Energy Corp.
|
| Issue: | Subscription receipts exchangeable for common shares
|
| Amount: | C$20 million
|
| Subscription receipts: | 9,523,810
|
| Price: | C$2.10
|
| Warrants: | No
|
| Underwriters: | GMP Securities LP (lead), Blackmont Capital Inc., Raymond James Ltd., Canaccord Adams Inc.
|
| Pricing date: | June 14
|
| Settlement date: | June 28
|
| Stock symbol: | TSX Venture: NPE
|
| Stock price: | C$2.20 at close June 13
|
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