By Sheri Kasprzak
New York, Nov. 10 - Regal Energy Corp. said it upsized to C$6,535,000 its previously announced private placement.
The company intends to sell up to 700,000 flow-through shares of subsidiary Azeri Capital Inc. at C$7.20 each and up to 230,000 non flow-through shares of Azeri at C$6.50 each.
There is an over-allotment option for up to 10% of the number of non flow-through shares offered in the deal.
The offering is expected to close on Nov. 29.
The details of the original deal, priced on Nov. 3, could not be determined Thursday.
Proceeds will be used by Azeri for exploration, development and working capital.
On Oct. 31, Regal and Azeri agreed to combine to form Regal Energy Ltd. and Azeri shareholders will receive 7.37 shares of Regal Energy for each share owned.
Regal is a Calgary, Alta.-based oil and natural gas exploration company.
| Issuer: | Regal Energy Corp. for Azeri Capital Inc.
|
| Issue: | Flow-through and non flow-through shares
|
| Amount: | C$6,535,000 (maximum)
|
| Pricing date: | Nov. 3
|
| Upsized: | Nov. 10
|
| Settlement date: | Nov. 29
|
|
|
| Flow-through shares
|
| Shares: | 700,000 (maximum)
|
| Price: | C$7.20
|
| Warrants: | No
|
|
|
| Non flow-through shares
|
| Shares: | 230,000 (maximum)
|
| Greenshoe: | For up to 10% of the shares offered
|
| Price: | C$6.50
|
| Warrants: | No
|
|
|
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