By Sheri Kasprzak
New York, March 22 - Ridgeway Petroleum Corp. priced a C$5 million private placement.
The non-brokered offering includes up to 2.5 million units of one share and one half-share warrant.
Each whole warrant is exercisable at C$3.00 for one year.
Proceeds will be used for ongoing drilling at the company's St. Johns Helium/CO2 project, potential oilfield acquisitions and working capital.
Based in Houston, Ridgeway is an oil and natural gas exploration company focused on properties in Arizona and New Mexico.
| Issuer: | Ridgeway Petroleum Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$5 million
|
| Units: | 2.5 million
|
| Price: | C$2.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$3.00
|
| Placement agent: | Non-brokered
|
| Pricing date: | March 22
|
| Stock symbol: | TSX Venture: RGW
|
| Stock price: | C$2.60 at close March 21
|
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