By Laura Lutz
Des Moines, June 14 - Rochester Energy Corp. arranged a private placement of subscription receipts for C$10 million.
The company plans to sell C$5 million of subscription receipts exchangeable for units at C$0.80 per receipt and C$5 million of subscription receipts exchangeable for flow-through shares at C$0.75 per receipt.
Half of the unit subscription receipts and half of the flow-through subscription receipts will be exchanged immediately upon closing.
The remainder will be exchanged on the later of the listing of the company's shares on the TSX Venture Exchange and the completion of a resource assessment report on the company's Christina project.
Westwind Partners Inc. and PowerOne Capital Markets Ltd. will be the agents.
The units will each consist of one non flow-through share and one half-share warrant. Each whole warrant will be exercisable for one non flow-through share at C$1.00 for two years.
Settlement is expected on June 28.
Proceeds will be used to advance the company's projects and for general corporate purposes.
Rochester is an oil sands exploration company based in Calgary, Alta.
| Issuer: | Rochester Energy Corp.
|
| Issue: | Subscription receipts exchangeable for units of one non flow-through share and one half-share non flow-through warrant; subscription receipts exchangeable for one flow-through share
|
| Amount: | C$10 million
|
| Agents: | Westwind Partners Inc., PowerOne Capital Markets Ltd.
|
| Pricing date: | June 14
|
| Settlement date: | June 28
|
|
|
| Unit subscription receipts
|
| Amount: | C$5 million
|
| Price: | C$0.80
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.00
|
|
|
| Flow-through subscription receipts
|
| Amount: | C$5 million
|
| Price: | C$0.75
|
| Warrants: | No
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
