Company also conducts C$10 million public offering of special warrants
By Devika Patel
Knoxville, Tenn., Nov. 21 - Toscana Energy Income Corp. said it increased a private placement of stock with affiliates of Sprott Inc. to C$6 million from C$5 million. The company also is conducting a C$10 million public sale of special warrants, which priced alongside the placement on Nov. 6.
The company will now sell 400,000 common shares to Sprott at C$15.00 apiece, which is a 4.76% discount to the Nov. 5 closing share price of C$15.75.
The public sale will offer 666,700 special warrants at C$15.00 apiece through a syndicate of underwriters led by GMP Securities LP and including Macquarie Capital Markets (Canada) Ltd., National Bank Financial Inc. and Sprott Private Wealth LP.
Settlement of both deals is expected Nov. 22.
Proceeds will be used for general corporate purposes and to reduce debt.
Toscana is an oil and gas producer based in Calgary, Alta.
| Issuer: | Toscana Energy Income Corp.
|
| Issue: | Common shares
|
| Amount: | C$6 million
|
| Shares: | 400,000
|
| Price: | C$15.00
|
| Warrants: | No
|
| Investor: | Sprott Inc.
|
| Pricing date: | Nov. 6
|
| Upsized: | Nov. 21
|
| Settlement date: | Nov. 22
|
| Stock symbol: | TSX Venture: TEI
|
| Stock price: | C$15.75 at close Nov. 5
|
| Market capitalization: | C$34.03 million
|
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