By Sheri Kasprzak
New York, Nov. 10 - UTS Energy Corp. plans to raise C$15.6 million in a private placement.
The deal includes up to 2,496,000 flow-through shares at C$6.25 each. The shares are being sold at a 28% premium to the company's C$4.87 closing stock price on Thursday.
The offering is being placed through a syndicate of underwriters led by RBC Capital Markets and FirstEnergy Capital Corp. and including Genuity Capital Markets, Sprott Securities Inc. and TD Securities Inc.
The placement is scheduled to close Nov. 24.
Proceeds will be used for seismic and core drilling expenses.
Calgary, Alta.-based UTS is an oil and natural gas exploration company.
| Issuer: | UTS Energy Corp.
|
| Issue: | Flow-through shares
|
| Amount: | C$15.6 million
|
| Shares: | 2,496,000
|
| Price: | C$6.25
|
| Warrants: | No
|
| Underwriters: | RBC Capital Markets (lead), FirstEnergy Capital Corp. (lead), Genuity Capital Markets, Sprott Securities Inc., TD Securities Inc.
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 24
|
| Stock symbol: | Toronto: UTS
|
| Stock price: | C$4.87 at close Nov. 9
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
