Non-brokered offering's proceeds allocated to Strathmore property
By Devika Patel
Knoxville, Tenn., Sept. 22 - Terrex Energy Inc. said it will sell 7.5 million units at C$0.40 apiece in a non-brokered private placement.
The offering will raise C$3 million for the company to develop its Strathmore property and acquire interests in additional properties. Proceeds will also be used for general corporate capital.
Each unit consists of two common shares and one warrant, with each warrant exercisable at C$0.25 for two years.
The strike price reflects a 42.86% premium to C$0.175, the Sept. 21 closing share price.
Terrex is a petroleum and natural gas company in Calgary, Alta.
Issuer: | Terrex Energy Inc.
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Issue: | Units of two common shares and one warrant
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Amount: | C$3 million
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Units: | 7.5 million
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Price: | C$0.40
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Warrants: | One warrant per unit
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Warrant expiration: | Two years
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Warrant strike price: | C$0.25
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Agent: | Non-brokered
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Pricing date: | Sept. 22
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Stock symbol: | TSX Venture: TER
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Stock price: | C$0.18 at close Sept. 22
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Market capitalization: | C$14.44 million
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