By Sheri Kasprzak
New York, July 13 - North West Upgrading Inc. concluded a private placement for C$175 million.
The company sold 43.75 million units at C$4.00 each.
The units are comprised of one share and one half-share warrant with each whole warrant exercisable at C$4.00 through 2007.
Tristone Capital Inc., RBC Capital Markets and Peters & Co. Ltd. were the placement agents.
Proceeds will be used to buy equipment and to pay for engineering and development costs.
Calgary, Alta.-based North West provides equipment to the heavy oil industry.
Issuer: | North West Upgrading Inc.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$175 million
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Units: | 43.75 million
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Price: | C$4.00
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Warrants: | One half-share warrant per unit
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Warrant expiration: | 2007
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Warrant strike price: | C$4.00
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Placement agents: | Tristone Capital Inc., RBC Capital Markets and Peters & Co. Ltd.
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Settlement date: | July 12
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