Deal funds drilling, acquisitions, seismic activities, working capital
By Devika Patel
Knoxville, Tenn., Jan. 10 - Passport Energy Ltd. said it will raise between C$20 million and C$30 million in a non-brokered private placement of stock.
The company will sell between 66,666,667 and 100 million common shares at C$0.30 per share, a 500% premium to the Jan. 9 closing share price of C$0.05.
32 Degrees Diversified Energy Fund II (Canadian) LP and 32 Degrees Diversified Energy Fund II (US) LP will invest C$13 million.
Proceeds will be used for drilling, acquisitions, seismic activities and working capital.
Passport Energy is a Calgary, Alta.-based junior natural resource exploration company.
| Issuer: | Passport Energy Ltd.
|
| Issue: | Common stock
|
| Amount: | C$20 million (minimum), C$30 million (maximum)
|
| Shares: | 66,666,667 (minimum), 100 million (maximum)
|
| Price: | C$0.30
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | 32 Degrees Diversified Energy Fund II (Canadian) LP and 32 Degrees Diversified Energy Fund II (US) LP (for C$13 million)
|
| Pricing date: | Jan. 10
|
| Stock symbol: | TSX Venture: PPO
|
| Stock price: | C$0.05 at close Jan. 9
|
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