By Devika Patel
Knoxville, Tenn., Dec. 7 - Redcliffe Exploration Inc. raised C$434,799.90 from the second tranche of its previously announced C$7.5 million private placement of units. The company took in C$5.02 million in the first tranche, which settled on Nov. 28.
In this tranche, the company sold 966,222 units at C$0.45 apiece. As previously reported, the first tranche included 11,160,932 units at that price.
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.
The complete placement is expected to include up to 16,666,667 units on the same terms.
The deal is non-brokered.
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 half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.55
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 7
|
| Stock symbol: | TSX Venture: RXI.A
|
| Stock price: | C$0.40 at close Nov. 6
|
|
|
| First tranche
|
| Amount: | C$5.02 million
|
| Units: | 11,160,932
|
| Settlement date: | Nov. 28
|
|
|
| Second tranche
|
| Amount: | C$434,799.90
|
| Units: | 966,222
|
| Settlement date: | Dec. 7
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
