By Sheri Kasprzak
Atlanta, Oct. 26 - Result Energy Inc. said Tuesday it wrapped up a C$2,951,130 private placement, raising more than the previously announced C$2.5 million.
The deal, originally announced Oct. 6, was expanded because of strong market demand, according to the company.
Result issued 4,918,550 units of one flow-through common share and one half-share purchase warrant at C$0.60.
The whole warrants allow for the purchase of an additional flow-through common share at C$0.75 between Jan. 1, 2005 and Dec. 15, 2005.
The Calgary, Alta.-based company said it plans to use the proceeds from the private placement for exploration and general corporate purposes.
News of the private placement came on the same day - Oct. 6 - that the company announced it was planning a nine-well down-spacing drilling program on a recently acquired gas project in Saskatchewan.
| Issuer: | Result Energy Inc.
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| Issue: | Units of one flow-through common share and one ½ share purchase warrant
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| Amount: | C$2.9 million
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| Shares: | 4,918,550 units
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| Price: | C$0.60
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| Warrants: | One ½ share warrant per unit
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| Warrant expiration: | Jan. 1, 2005 to Dec. 15, 2005
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| Warrant strike price: | C$0.75
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| Announcement date: | Oct. 6
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| Settlement date: | Oct. 25
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| Stock price: | C$0.54 at close Oct. 25
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