By Laura Lutz
Des Moines, April 3 - Ridgeway Petroleum Corp. settled a private placement of units for C$3,100,720, down from the C$5 million deal size announced on March 22.
The company sold 1,550,360 units of one share and one half-share warrant at C$2.00 each.
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.
The placement was non-brokered.
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$3,100,720
|
| Units: | 1,550,360
|
| 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
|
| Settlement date: | April 3
|
| Stock symbol: | TSX Venture: RGW
|
| Stock price: | C$2.60 at close March 21
|
| Stock price: | C$2.30 at close April 2
|
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