Deal funds working capital; 6 million units sold at C$0.47 per unit
By Devika Patel
Knoxville, Tenn., March 15 - Ridgeline Energy Services Inc. said it completed a C$2.82 million non-brokered private placement of units.
The company sold 6 million units of one common share and one warrant at C$0.47 per unit.
Each five-year warrant will be exercisable at C$0.59, a 25.53% premium to the March 14 closing share price of C$0.47.
Proceeds will be used for working capital.
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 warrant
|
| Amount: | C$2.82 million
|
| Units: | 6 million
|
| Price: | C$0.47
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Five years
|
| Warrant strike price: | C$0.59
|
| Agent: | Non-brokered
|
| Settlement date: | March 15
|
| Stock symbol: | TSX Venture: RLE
|
| Stock price: | C$0.47 at close March 14
|
| Market capitalization: | C$61.2 million
|
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