By Laura Lutz
Washington, Dec. 6 - Ridgeway Petroleum Corp.'s board authorized a private placement of units for up to $6.5 million.
The company plans to sell units of one share and one non-transferable warrant at $0.54 per unit. The exact number of units was not released.
Each warrant will be exercisable at $1.00 for one year.
Settlement is expected on Dec. 22.
Proceeds will be used to pay off an outstanding note due at the end of the year and to fund the company's drilling program.
Ridgeway is an oil and gas exploration company based in Houston.
| Issuer: | Ridgeway Petroleum Corp.
|
| Issue: | Units of one share and one warrant
|
| Amount: | $6.5 million
|
| Price: | $0.54
|
| Warrants: | One per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | $1.00
|
| Pricing date: | Dec. 6
|
| Settlement date: | Dec. 22
|
| Stock symbol: | TSX Venture: RGW
|
| Stock price: | C$0.55 at close Dec. 5
|
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