By Laura Lutz
Des Moines, Oct. 25 - Rival Energy Ltd. settled its previously announced private placement with Acumen Capital Finance Partners Ltd. for C$4 million, including a C$1 million greenshoe.
Rival will issue 2.5 million flow-through common shares at C$1.60 per share. The offering originally consisted of 1.875 million shares, and the greenshoe included 625,000 shares for the over-allotment option.
Proceeds will be used for capital investments at the company's 10-well oil drilling program at Bellshill/Killam, its Nisku target at Fenn West and its Gilwood test at Gift Lake.
Rival is an energy company with operations in southwest Saskatchewan and east-central Alberta and headquarters in Calgary, Alta.
| Issuer: | Rival Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$4 million
|
| Shares: | 2.5 million (includes greenshoe for 625,000 shares)
|
| Price: | C$1.60
|
| Warrants: | No
|
| Pricing date: | Oct. 6
|
| Settlement date: | Oct. 25
|
| Underwriter: | Acumen Capital Finance Partners Ltd.
|
| Stock symbol: | TSX Venture: RGY
|
| Stock price: | C$1.29 at close Oct. 6
|
| Stock price: | C$1.40 at close Oct. 25
|
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