Brokered offering to settle Oct. 27 and raise proceeds for exploration
By Devika Patel
Knoxville, Tenn., Oct. 13 - PetroGlobe Inc. said it has amended the terms of a private placement. Emerging Equities Inc. is the lead agent for the deal, which priced for C$3 million of stock and units on Sept. 21. The deal will now raise C$4 million by selling only units. The agent syndicate, which includes Burgeonvest-Bick Securities Ltd., has a C$400,000 greenshoe.
The company will sell units of one common share and one half-share warrant at C$0.11 each for C$1.5 million.
The company also will sell flow-through units of one flow-through common share and one half-share warrant at C$0.14 apiece for C$2.5 million.
The whole warrants are exercisable at C$0.14 until May 31, 2011. The strike price represents a 3.45% discount to C$0.145, the Sept. 21 closing share price.
The deal originally consisted of stock and units.
Settlement is expected Oct. 27.
Proceeds will be used for exploration.
PetroGlobe is an oil and natural gas exploration company based in Calgary, Alta.
| Issuer: | PetroGlobe Inc.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one common share and one half-share warrant
|
| Amount: | C$4 million
|
| Greenshoe: | C$400,000
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 31, 2011
|
| Warrant strike price: | C$0.14
|
| Agent: | Emerging Equities Inc. (lead), Burgeonvest-Bick Securities Ltd.
|
| Pricing date: | Sept. 21
|
| Amended: | Oct. 13
|
| Settlement date: | Oct. 27
|
| Stock symbol: | TSX Venture: PGB
|
| Stock price: | C$0.145 at close Sept. 21
|
| Market capitalization: | C$9.74 million
|
|
|
| Units
|
| Amount: | C$1.5 million
|
| Price: | C$0.11
|
|
|
| Flow-through shares
|
| Amount: | C$2.5 million
|
| Price: | C$0.14
|
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