Company names Byron Capital Market, Intrynsyc Capital as agents
By Devika Patel
Knoxville, Tenn., May 3 - Ridgeline Energy Services Inc. said it hired lead agent Byron Capital Market Ltd. for a C$3 million private placement of units on May 2. The agent syndicate also includes Intrynsyc Capital Corp. and has a C$2 million greenshoe. The deal was announced April 20.
The company will sell 6,521,739 units of one common share and one half-share warrant at C$0.46 per unit.
Each full warrant is exercisable at C$0.65 for two years. The strike price reflects a 20.37% premium to C$0.54, the April 29 closing share price.
Proceeds from the placement will be used for the development of Ridgeline's water treatment business, including waste water treatment equipment and research and development of related intellectual property.
Calgary, Alta.-based Ridgeline provides environmental services to the Western Canadian energy industry.
| Issuer: | Ridgeline Energy Services Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$3 million
|
| Greenshoe: | C$2 million
|
| Units: | 6,521,739
|
| Price: | C$0.46
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.65
|
| Agents: | Byron Capital Market Ltd. (lead), Intrynsyc Capital Corp.
|
| Pricing date: | May 2
|
| Stock symbol: | TSX Venture: RLE
|
| Stock price: | C$0.58 at close May 2
|
| Market capitalization: | C$22.77 million
|
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