Non-brokered deal finances development of the company's properties
By Devika Patel
Knoxville, Tenn., Dec. 27 - RedWater Energy Corp. said it settled a non-brokered private placement of units. The deal raised C$1.53 million on Dec. 24.
The company sold 3,649,523 units of one flow-through common share and one half-share warrant at C$0.42 per unit.
Each whole warrant will be exercisable at C$0.60 until Dec. 23, 2011. The strike price represents a 43.34% premium to the Dec. 23 closing share price of C$0.41.
Proceeds will be used for further development of the company's core properties in the Redwater, Red Earth, Westlock and Fairydell-Bon Accord areas of Alberta.
RedWater Energy is a junior oil and gas exploration and development company based in Okotoks, Alta.
| Issuer: | RedWater Energy Corp.
|
| Issue: | Units of one flow-through common share and one half-share warrant
|
| Amount: | C$1,532,800
|
| Units: | 3,649,523
|
| Price: | C$0.42
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 23, 2011
|
| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
|
| Settlement date: | Dec. 24
|
| Stock symbol: | TSX Venture: RED
|
| Stock price: | C$0.40 at close Dec. 24
|
| Market capitalization: | C$5.53 million
|
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