Company sells 12.5 million shares including greenshoe
By Susanna Moon
Chicago, Jan. 9 - Ridgeline Energy Services Inc. said it settled the remaining C$763,800 of the underwriters' C$2.5 million greenshoe, bringing the total proceeds of its private placement to C$7.5 million.
The company said on Dec. 30 that it settled a C$6.74 million private placement of stock, which priced for C$4.4 million with a 15% greenshoe on Dec. 13. The deal was upsized to C$5 million with a C$2.5 million greenshoe on Dec. 15.
The company sold 12.5 million 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.
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Issue: | Common stock
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Amount: | C$7,500,060 (including C$2.5 million greenshoe)
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Shares: | 12,500,100
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Price: | C$0.60
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Warrants: | No
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Underwriters: | Mackie Research Capital Corp. (lead), National Bank Financial Inc.
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Pricing date: | Dec. 13
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Upsized: | Dec. 15
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Settlement date: | Dec. 30 for C$6,736,260, Jan. 9 for C$763,800
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Stock symbol: | TSX Venture: RLE
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Stock price: | C$0.77 at close Dec. 12
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Market capitalization: | C$52.94 million
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