By Laura Lutz
Washington, Dec. 5 - Velo Energy Inc. negotiated a private placement for up to C$1.5 million and cancelled a previously announced C$2.25 million private placement.
The company now plans to sell up to 7.5 million flow-through shares at C$0.20 each through Nova Bancorp Securities Ltd.
The placement will be settled in two closings by Dec. 29.
The company terminated its agreement with Blackmont Capital Inc. for a C$2.25 million private placement of 9 million flow-through shares. That deal was announced on Nov. 2.
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$1.5 million
|
| Shares: | 7.5 million
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Nova Bancorp Securities Ltd.
|
| Pricing date: | Dec. 5
|
| Stock symbol: | TSX Venture: VLO
|
| Stock price: | C$0.19 at close Dec. 5
|
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