By Devika Patel
Knoxville, Tenn., June 9 - North Peace Energy Corp. priced a bought-deal offering of units for up to C$10 million.
The company will sell 18.2 million units at C$0.55 apiece. Each unit consists of one common share and one half-share warrant. Each whole warrant is exercisable at C$0.75 for 18 months.
Settlement is expected on June 23.
The deal will be conducted by a syndicate co-led by GMP Securities LP and Genuity Capital Markets. The agents have a greenshoe for an additional 2.73 million units, or C$1.5 million.
The majority of the proceeds will be used to fund the expansion of the CSS pilot project.
North Peace is an oil sands company based in Calgary, Alta.
| Issuer: | North Peace Energy Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10 million
|
| Greenshoe: | C$1,501,500
|
| Units: | 18.2 million
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.75
|
| Agents: | GMP Securities LP, Genuity Capital Markets (co-leads)
|
| Pricing date: | June 9
|
| Settlement date: | June 23
|
| Stock symbol: | TSX Venture: NPE
|
| Stock price: | C$0.61 at close June 8
|
| Market capitalization: | C$32.5 million
|
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