By Devika Patel
Knoxville, Tenn., May 14 - Velo Energy Inc. said it raised C$3.6 million in the first tranche of a C$6 million non-brokered private placement of units. The deal priced May 5.
The company is selling 20 million units of one common share and one half-share warrant at C$0.30 per unit. It sold 12 million units in this tranche.
The whole warrants are exercisable at C$0.50 for 18 months.
Proceeds will be used for working capital.
Velo is an oil and gas company based in Calgary, Alta.
| Issuer: | Velo Energy Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6 million
|
| Units: | 20 million
|
| Price: | C$0.30
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.50
|
| Agent: | Non-brokered
|
| Pricing date: | May 5
|
| Settlement date: | May 14 (for C$3.6 million)
|
| Stock symbol: | TSX Venture: VLO
|
| Stock price: | C$0.33 at close May 5
|
| Market capitalization: | C$19.3 million
|
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