By Sheri Kasprzak
Atlanta, Feb. 22 - Ridgeway Petroleum Corp. said it has arranged a private placement for up to C$1.5 million.
The offering includes up to 1,875,000 units and at least 937,500 units at C$0.80 each.
The units are comprised of one share and one-quarter share warrant. The whole warrants allow for an additional share at C$1 each for one year.
Separately, Ridgeway said it has appointed Barry Lasker as its president and chief executive officer. Lasker replaces Walter Ruck, who resigned in December but remains director and chairman of the company's board of directors. Lasker will also be a director on the board.
In other news, Ridgeway announced it plans to grant 300,000 in incentive stock options at C$1 each for five years.
Ridgeway, based in Calgary, Alta., is a natural gas exploration company.
| Issuer: | Ridgeway Petroleum Corp.
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| Issue: | Units of one share and one-quarter share warrant
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| Amount: | C$1.5 million (maximum); C$750,000 (minimum)
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| Units: | 1,875,000 (maximum); 937,500 (minimum)
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| Price: | C$0.80
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| Warrants: | One-quarter share warrant per unit
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| Warrant expiration: | One year
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| Warrant strike price: | C$1.00
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| Pricing date: | Feb. 21
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| Stock price: | C$0.99 at close Feb. 21
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