By Sheri Kasprzak
New York, Oct. 4 - Athlone Energy Ltd. said it has priced a C$1.21 million private placement.
The company plans to sell 2.2 million units at C$0.55 each.
The units are comprised of one share and one half-share warrant. The whole warrants allow for the purchase of another share at C$0.70 each for one year.
The proceeds from the non-brokered deal will be used for drilling, land acquisition and general working capital.
Based in Vancouver, B.C., Athlone is an oil and natural gas exploration company.
Issuer: | Athlone Energy Ltd.
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Issue: | Units of one share and one half-share warrant
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Amount: | C$1.21 million
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Units: | 2.2 million
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Price: | C$0.55
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Warrants: | One half-share warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.70
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Pricing date: | Oct. 3
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Stock price: | C$0.71 at close Oct. 3
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