By Devika Patel
Knoxville, Tenn., May 12 - Reliable Energy Ltd. said it arranged a C$6.02 million private placement of stock. The company also said it will raise C$4.02 million in an offering of special warrants, which will be sold to the public.
The company will sell 16.5 million flow-through common shares at C$0.365 apiece.
The deal will be conducted by a syndicate of underwriters led by Raymond James Ltd.
Settlement is expected May 27.
Proceeds will be used for exploration and development and for general corporate purposes.
Reliable Energy is a Calgary, Alta.-based capital pool company.
| Issuer: | Reliable Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$6,022,500
|
| Shares: | 16.5 million
|
| Price: | C$0.365
|
| Warrants: | No
|
| Underwriters: | Raymond James Ltd. (lead)
|
| Pricing date: | May 12
|
| Settlement date: | May 27
|
| Stock symbol: | Toronto: REL
|
| Stock price: | C$0.305 at close May 11
|
| Market capitalization: | C$58.3 million
|
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