By Devika Patel
Knoxville, Tenn., April 18 - Redcliffe Exploration Inc. said it is revising the terms of a C$8 million private placement of shares with an underwriting syndicate led by Northern Securities Inc., and including GMP Securities LP and Raymond James Ltd. The deal priced on March 20 and now will include units.
Redcliffe now plans to sell 9,090,909 units on a bought-deal basis at C$0.55 per unit for C$5 million and 4,545,455 flow-through shares on a best-efforts basis at C$0.66 per share for C$3 million.
Each unit consists of one share and one half-share warrant, with each whole warrant exercisable at C$0.70 for one year.
The company had planned to sell 8,333,333 class A shares at C$0.60 apiece for C$5 million. Redcliffe also wanted to sell 4,166,667 flow-through class A shares on a best-effort basis at C$0.72 per share for C$3 million.
Proceeds will be used to incur qualifying expenditures and for drilling and general corporate purposes.
Settlement is expected April 25.
Redcliffe is an oil and natural gas company based in Calgary, Alta.
| Issuer: | Redcliffe Exploration Inc.
|
| Issue: | Units of one share and one half-share warrant, flow-through shares
|
| Amount: | C$8 million
|
| Underwriters: | Northern Securities Inc. (lead), GMP Securities LP, Raymond James Ltd.
|
| Pricing date: | March 20
|
| Amended: | April 18
|
| Settlement date: | April 25
|
| Stock symbol: | TSX Venture: RXI.A
|
| Stock price: | C$0.60 at close March 19
|
|
|
| Units
|
| Amount: | C$5 million
|
| Units: | 9,090,909
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.70
|
|
|
| Flow-through shares
|
| Amount: | C$3 million
|
| Shares: | 4,545,455
|
| Price: | C$0.66
|
| Warrants: | No
|
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