Company sells units of one common share, one warrant at two prices
By Devika Patel
Knoxville, Tenn., Jan. 18 - Ridgeline Energy Services Inc. said it concluded a private placement of 2.8 million units. The deal priced for C$1.08 million on Dec. 10 and raised C$1.07 million.
The company sold 2,788,674 units. Some were sold at C$0.37 apiece, and the remaining units were sold at C$0.40 each. Each unit consists of one common share and one warrant.
Each warrant is exercisable at C$0.65 for two years. The strike price reflects a 30% premium to C$0.50, the Dec. 9 closing share price.
Proceeds will be used for the capital cost of manufacturing wastewater treatment equipment.
Calgary, Alta.-based Ridgeline provides environmental services to the Western Canadian energy industry.
Issuer: | Ridgeline Energy Services Inc.
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Issue: | Units of one common share and one warrant
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Amount: | C$1,071,970
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Units: | 2,788,674
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Prices: | C$0.37, C$0.40
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.65
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Pricing date: | Dec. 10
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Stock symbol: | TSX Venture: RLE
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Stock price: | C$0.50 at close Dec. 9
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Market capitalization: | C$23.6 million
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