By Devika Patel
Knoxville, Tenn., March 20 - Redcliffe Exploration Inc. said it has arranged a C$8 million private placement of shares with an underwriting syndicate led by Northern Securities Inc., and including GMP Securities L.P. and Raymond James Ltd.
The company will sell 8,333,333 class A shares on a bought-deal basis at C$0.60 apiece for C$5 million. Redcliffe also will sell 4,166,667 flow-through class A shares on a best-effort basis at C$0.72 per share for C$3 million.
The syndicate will have a C$2 million greenshoe comprised of an additional 2,083,333 class A shares, or C$1.25 million, and an additional 1,041,667 flow-through shares, or C$750,000.
Proceeds will be used to incur qualifying expenditures and for drilling and general corporate purposes.
Settlement is expected April 14.
Redcliffe is an oil and natural gas company based in Calgary, Alta.
| Issuer: | Redcliffe Exploration Inc.
|
| Issue: | Class A shares, flow-through class A shares
|
| Amount: | C$8 million
|
| Greenshoe: | C$2 million
|
| Warrants: | No
|
| Underwriters: | Northern Securities Inc. (lead), GMP Securities L.P., Raymond James Ltd.
|
| Pricing date: | March 20
|
| Settlement date: | April 14
|
| Stock symbol: | TSX Venture: RXI.A
|
| Stock price: | C$0.60 at close March 19
|
|
|
| Class A shares
|
| Amount: | C$5 million
|
| Shares: | 8,333,333
|
| Price: | C$0.60
|
|
|
| Flow-through class A shares
|
| Amount: | C$3 million
|
| Shares: | 4,166,667
|
| Price: | C$0.72
|
© 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.
