Offering sells 2.73 million flow-through common shares at C$0.44 each
By Devika Patel
Knoxville, Tenn., Nov. 10 – Tuscany Energy Ltd. said it plans a C$1.2 million private placement of stock.
The company will sell 2.73 million flow-through shares at C$0.44 apiece. The price per share represents a 4.76% premium to C$0.42, the Nov. 7 closing share price.
Humboldt Capital Corp. has agreed to invest up to C$400,000, or about 909,000 shares.
Settlement is expected Nov. 19.
Proceeds will be used for the company’s development drilling program in Saskatchewan.
Tuscany is an oil and gas company based in Calgary, Alta.
| Issuer: | Tuscany Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$1,201,200
|
| Shares: | 2.73 million
|
| Price: | C$0.44
|
| Warrants: | No
|
| Investor: | Humboldt Capital Corp. (for up to C$400,000)
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 19
|
| Stock symbol: | TSX Venture: TUS
|
| Stock price: | C$0.42 at close Nov. 7
|
| Market capitalization: | C$15.86 million
|
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