By Devika Patel
Knoxville, Tenn., Nov. 7 - Redcliffe Exploration Inc. said it intends to conduct a C$7.5 million non-brokered private placement of units.
The company will sell up to 16,666,667 units at C$0.45 apiece. Each unit consists of one class A share and one half-share warrant. Each whole transferable warrant is exercisable at C$0.55 for one year.
Closing is expected on Nov. 19.
Proceeds will be used for drilling and for general corporate purposes.
Redcliffe is a Calgary, Alta.-based company that explores for, develops and produces crude oil and natural gas in Western Canada.
| Issuer: | Redcliffe Exploration Inc.
|
| Issue: | Units of one class A share and one half-share warrant
|
| Amount: | C$7.5 million
|
| Units: | 16,666,667
|
| Price: | C$0.45
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.55
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 19
|
| Stock symbol: | TSX Venture: RXI.A
|
| Stock price: | C$0.40 at close Nov. 6
|
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