By Laura Lutz
Washington, Dec. 5 - Velo Energy Inc. settled an upsized private placement of flow-through shares for C$1.977 million.
The company sold 9.885 million flow-through shares at C$0.20 per share.
The deal priced on Dec. 5 as a C$1.5 million offering of 7.5 million flow-through shares.
Nova Bancorp Securities Ltd. was the agent.
The placement settled in two closings, the later on Dec. 29.
The offering replaced a C$2.25 million private placement of flow-through shares that the company cancelled on Dec. 5. That deal, which was announced on Nov. 2, was to be a placement of 9 million flow-through shares with Blackmont Capital Inc.
Proceeds will be used for development and exploration.
Velo is an oil and gas company based in Calgary, Alta.
| Issuer: | Velo Energy Inc.
|
| Issue: | Flow-through shares
|
| Amount: | C$1.977 million
|
| Shares: | 9.885 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Nova Bancorp Securities Ltd.
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 29
|
| Stock symbol: | TSX Venture: VLO
|
| Stock price: | C$0.19 at close Dec. 5
|
| Stock price: | C$0.185 at close Dec. 29
|
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