By Sheri Kasprzak
New York, July 8 - Terra Energy Corp. has upsized its previously announced private placement to C$23,299,500 from C$15,299,800.
The company now plans to sell 3.9 million flow-through shares at C$2 each and 9,117,353 units at C$1.70 each.
The units include one share and one half-share warrant. The whole warrants allow for an additional share at C$2.10 each for one year.
The offering was first announced July 7 as a C$15,299,800 offering of 3.15 million flow-through shares and 5,294,000 units under the same terms.
Placement agents Canaccord Capital Corp. and Research Capital Corp. have an over-allotment option for up to C$3 million in securities, up to half of which may be flow-through shares.
The deal is expected to close July 19.
Based in Calgary, Alta., Terra is an oil and natural gas exploration and development company. The proceeds will be used for drilling on properties in the Fort St. John core area and for the company's 2005 Canadian exploration program and its 2006 exploration program.
| Issuer: | Terra Energy Corp.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$23,299,500
|
| Placement agents: | Canaccord Capital Corp., Research Capital Corp.
|
| Pricing date: | July 7
|
| Upsized: | July 8
|
| Settlement date: | July 19
|
| Stock price: | C$1.61 at close July 7
|
| Stock price: | C$1.67 at close July 8
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 3.9 million
|
| Price: | C$2
|
| Warrants: | No
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Units: | 9,117,353
|
| Price: | C$1.70
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$2.10
|
|
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