Deal funds company's participation in Hardy Bakken Field, exploration
By Devika Patel
Knoxville, Tenn., March 8 - Passport Energy Ltd. said it settled the second tranche of a non-brokered private placement of units. The deal priced for C$5 million on Jan. 6, and the company took in C$2.02 million on Jan. 28 and C$1.64 million in the latest closing.
The company is selling 20 million units at C$0.25 apiece. It sold 8.06 million units in the first tranche and 6,559,000 units in the second.
Each unit consists of one common share and one warrant, with each warrant exercisable at C$0.35 for 18 months. The strike price is a 55.56% premium to C$0.225, the closing share price on March 8.
Proceeds will be used for the company's participation in the Hardy Bakken Field in southeastern Saskatchewan and for exploration on its Alberta Basin properties in Montana.
Passport Energy is a Calgary, Alta.-based junior natural resource exploration company.
| Issuer: | Passport Energy Ltd.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5 million
|
| Units: | 20 million (maximum); 8.06 million in first tranche, 6,559,000 in second
|
| Price: | C$0.25
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Jan. 6
|
| Settlement dates: | Jan. 28 (for C$2,015,000), March 8 (for C$1,639,750)
|
| Stock symbol: | CNSX: PPO
|
| Stock price: | C$0.225 at close March 8
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
