Greenshoe exercised; Byron Capital Market leads agent syndicate
By Devika Patel
Knoxville, Tenn., June 16 - Ridgeline Energy Services Inc. said it settled a C$5.16 million private placement of units. The deal was announced on April 20 and priced for C$3 million with a C$2 million greenshoe on May 2.
The company sold 11,212,074 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 until June 16, 2013. The strike price reflects a 20.37% premium to C$0.54, the April 29 closing share price.
A portion of the offering was conducted by an agent syndicate that was led by Byron Capital Market Ltd. and included Intrynsyc Capital Corp. Of the 9,639,347 units sold by the syndicate for C$4.43 million, 3,117,608 units were part of the agents' greenshoe option, which was exercised for C$1.43 million. The remaining C$723,454 portion of the offering was conducted on a non-brokered basis.
Proceeds will be used to develop the water treatment business, to manufacture equipment and for research and development.
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$5,157,554 (including C$1,434,100 greenshoe)
|
| Units: | 11,212,074
|
| Price: | C$0.46
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | June 16, 2013
|
| Warrant strike price: | C$0.65
|
| Agents: | Byron Capital Market Ltd. (lead), Intrynsyc Capital Corp. (for C$4,434,100); non-brokered (for C$723,454)
|
| Pricing date: | May 2
|
| Settlement date: | June 16
|
| Stock symbol: | TSX Venture: RLE
|
| Stock price: | C$0.58 at close May 2
|
| Market capitalization: | C$21.27 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
