By Sheri Kasprzak
New York, Jan. 18 - Result Energy Inc. said it intends to raise C$4 million in a private placement of stock.
The offering includes 3.2 million shares at C$1.25 each.
A syndicate of placement agents led by Acumen Capital Finance Partners Ltd. and including Westwind Partners Inc. has an over-allotment option for up to 2 million shares.
When the offering priced late Tuesday, the agents had been granted a greenshoe for up to 800,000 shares, but that option was extended due to demand, according to a statement from Result.
Proceeds will be used for exploration and development on the company's three core areas in the Peace River Arch region of Alberta, the Pembina area of Alberta and southwestern Saskatchewan. The rest will be used for general corporate purposes.
Based in Calgary, Alta., Result is an oil and natural gas exploration company.
| Issuer: | Result Energy Inc.
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| Issue: | Stock
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| Amount: | C$4 million
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| Shares: | 3.2 million
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| Greenshoe: | For up to 2 million shares
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| Price: | C$1.25
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| Warrants: | No
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| Placement agents: | Acumen Capital Finance Partners Ltd. (lead); Westwind Partners Inc.
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| Pricing date: | Jan. 17
|
| Stock symbol: | TSX Venture: RTE
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| Stock price: | C$1.36 at close Jan. 17
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