Jacob Securities assists in selling flow-through shares, common shares
By Devika Patel
Knoxville, Tenn., Oct. 13 - Reef Resources Ltd. said it priced a C$2 million private placement of stock.
The company will sell flow-through common shares at C$0.11 per share and common shares at C$0.10 per share.
The price per flow-through common share represents a 10% premium to C$0.10, the Oct. 12 closing share price. The price per common share is identical to the Oct. 12 closing share price.
The deal will be conducted by lead agent Jacob Securities Inc. Solo Oil plc will invest C$1.5 million.
Proceeds will be used to complete two additional wells in the Ausable pinnacle reef, tie-in an existing standing gas well in the Airport South reef, acquire pressurization natural gas for recycling in the Ausable reef, execute a field optimization program and for general working capital.
Based in Calgary, Alta., Reef Resources is an oil and gas company.
| Issuer: | Reef Resources Ltd.
|
| Issue: | Flow-through common shares, common shares
|
| Amount: | C$2 million
|
| Warrants: | No
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| Agent: | Jacob Securities Inc. (lead)
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| Investor: | Solo Oil plc (for C$1.5 million)
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| Pricing date: | Oct. 13
|
| Stock symbol: | TSX Venture: REE
|
| Stock price: | C$0.10 at close Oct. 12
|
| Market capitalization: | C$4.31 million
|
|
|
| Flow-through common shares
|
| Price: | C$0.11
|
|
|
| Common shares
|
| Price: | C$0.10
|
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