Brokered deal funds commercialization, development and working capital
By Devika Patel
Knoxville, Tenn., July 18 - Raise Production Inc. said it plans a C$3.5 million private placement of units.
The company will sell 23,333,333 units of one common share and one warrant at C$0.15 per unit. Each warrant is exercisable at C$0.225 for 18 months. The strike price reflects a 125% premium to the July 17 closing share price of C$0.10.
Macquarie Private Wealth Inc. is the agent.
Proceeds will be used for commercialization, development and working capital.
The oilfield service company is based in Calgary, Alta.
| Issuer: | Raise Production Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3.5 million
|
| Units: | 23,333,333
|
| Price: | C$0.15
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.225
|
| Agent: | Macquarie Private Wealth Inc.
|
| Pricing date: | July 18
|
| Stock symbol: | TSX Venture: RPC
|
| Stock price: | C$0.10 at close July 17
|
| Market capitalization: | C$2.96 million
|
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