Offering proceeds will be used for operations, administrative purposes
By Devika Patel
Knoxville, Tenn., Dec. 21 - Avatar Energy Ltd. announced it completed a private placement of stock. The deal raised C$1.2 million.
The company sold 2,312,499 common shares at C$0.52 per share. The price per share reflects a 30.67% discount to the Dec. 20 closing share price of C$0.75.
Proceeds will be used for ongoing operations and general administrative purposes.
Avatar is a junior oil and natural gas company in Calgary, Alta.
| Issuer: | Avatar Energy Ltd.
|
| Issue: | Common stock
|
| Amount: | C$1,202,500
|
| Units: | 2,312,499
|
| Price: | C$0.52
|
| Warrants: | No
|
| Settlement date: | Dec. 21
|
| Stock symbol: | TSX Venture: AVG
|
| Stock price: | C$0.75 at close Dec. 20
|
| Market capitalization: | C$3.08 million
|
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