Non-brokered deal offers two types of units to fund drilling program
By Devika Patel
Knoxville, Tenn., Aug. 24 - RedWater Energy Corp. said it will conduct a C$3.6 million non-brokered private placement of units.
The company will sell units of one common share and one half-share warrant at C$0.40 per unit and flow-through units of one flow-through common share and one half-share warrant at C$0.46 per flow-through unit.
Each whole warrant will be exercisable at C$0.60 for 18 months. The strike price represents a 69.01% premium to the Aug. 23 closing share price of C$0.355.
Proceeds will be used for a six- to eight-well drilling program in Redwater.
RedWater Energy is a junior oil and gas exploration and development company based in Okotoks, Alta.
| Issuer: | RedWater Energy Corp.
|
| Issue: | Units of one common share and one half-share warrant, flow-through units of one flow-through common share and one half-share warrant
|
| Amount: | C$3.6 million
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| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.60
|
| Agent: | Non-brokered
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| Pricing date: | Aug. 24
|
| Stock symbol: | TSX Venture: RED
|
| Stock price: | C$0.33 at close Nov. 12
|
| Market capitalization: | C$8.12 million
|
|
|
| Units
|
| Price: | C$0.40
|
|
|
| Flow-through units
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| Price: | C$0.46
|
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