Ridgeway Petroleum arranges private placement for up to C$7.5 million

By Sheri Kasprzak

New York, May 4 - Ridgeway Petroleum Corp. has negotiated a private placement for up to C$7.5 million and at least C$2.5 million.

The pricing terms of the deal have not yet been determined.

Research Capital Corp. is the lead agent for the offering and will have a greenshoe for up to C$2.5 million.

The deal is scheduled to close late in the second quarter.

The offering is being conducted as a condition to the $100 million four-year secured credit facility the company is seeking.

Calgary, Alta.-based Ridgeway is an oil and natural gas exploration company.

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