Bought-deal offering sells 11,227,100 common shares at C$0.60 apiece
By Devika Patel
Knoxville, Tenn., Dec. 30 - Ridgeline Energy Services Inc. said it settled a C$6.74 million private placement of stock. The deal priced for C$4.4 million with a 15% greenshoe on Dec. 13 and was increased to C$5 million with a C$2.5 million greenshoe on Dec. 15.
The company sold 11,227,100 common shares at C$0.60 per share. The price per share reflects a 22.08% discount to C$0.77, the Dec. 12 closing share price.
The offering was conducted on a bought-deal basis by a syndicate of underwriters led by Mackie Research Capital Corp. and including National Bank Financial Inc.
Proceeds will be used for commercialization, development, and working capital.
Calgary, Alta.-based Ridgeline provides environmental services to the Western Canadian energy industry.
| Issuer: | Ridgeline Energy Services Inc.
|
| Issue: | Common stock
|
| Amount: | C$6,736,260 (including C$1,736,260 greenshoe)
|
| Shares: | 11,227,100
|
| Price: | C$0.60
|
| Warrants: | No
|
| Underwriters: | Mackie Research Capital Corp. (lead), National Bank Financial Inc.
|
| Pricing date: | Dec. 13
|
| Upsized: | Dec. 15
|
| Settlement date: | Dec. 30
|
| Stock symbol: | TSX Venture: RLE
|
| Stock price: | C$0.77 at close Dec. 12
|
| Market capitalization: | C$52.94 million
|
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