Deal conducted by Laurentian, National Bank, funds working capital
By Devika Patel
Knoxville, Tenn., April 3 - Petrolia Inc. said it plans a C$3 million private placement of stock with a C$450,000 greenshoe.
The company will sell 4 million common shares at C$0.75 apiece, a 2.6% discount to the April 2 closing share price of C$0.77.
The deal will be conducted on a bought-deal basis by a syndicate of underwriters led by Laurentian Bank Securities Inc. and including National Bank Financial Inc.
Proceeds will be used for working capital and other general corporate purposes.
Petrolia is an oil and gas company based in Rimouski, Quebec.
Issuer: | Petrolia Inc.
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Issue: | Common shares
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Amount: | C$3 million
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Greenshoe: | C$450,000
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Shares: | 4 million
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Price: | C$0.75
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Warrants: | No
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Underwriters: | Laurentian Bank Securities Inc. (lead), National Bank Financial Inc.
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Pricing date: | April 3
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Stock symbol: | TSX Venture: PEA
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Stock price: | C$0.77 at close April 2
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Market capitalization: | C$56.52 million
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