By Sheri Kasprzak
Atlanta, Dec. 2 - Result Energy Inc. said Thursday it will raise up to C$2.01 million in a private placement.
The company will sell up to 3.35 million units at C$0.60 each. The units are comprised of one flow-through share and one half-share warrant.
The whole warrants allow for an additional share at C$0.65 through Dec. 31, 2005.
The offering is being placed through a syndicate of underwriters led by Acumen Capital Finance Partners Ltd. and including Wolverton Securities Ltd. and Dominick & Dominick Securities Inc.
Based in Calgary, Alta., Result is an oil and gas exploration and development company. It plans to use the proceeds from the financing for exploration, development and general corporate purposes.
| Issuer: | Result Energy Inc.
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| Issue: | Units of one flow-through share and one half-share warrant
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| Amount: | C$2.01 million
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| Shares: | 3.35 million units
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| Price: | C$0.60
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Dec. 31, 2005
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| Warrant strike price: | C$0.65
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| Underwriters: | Acumen Capital Finance Partners Ltd. (lead); Wolverton Securities Ltd.; Dominick & Dominick Securities Inc.
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| Announcement date: | Dec. 2
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| Stock price: | C$0.50 at close Dec. 1
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