By Sheri Kasprzak
New York, April 27 - Westbow Energy Inc. has settled the first tranche of its previously announced C$2 million private placement for C$1,603,500.
The company issued 985,000 flow-through shares at C$0.90 each and 956,000 non flow-through shares at C$0.75 each in the initial tranche.
The remaining portion of the deal, for C$396,500, will close in early May.
The deal priced on March 27.
Proceeds will be used for exploration and development.
Based in Calgary, Alta., Westbow is an oil and natural gas exploration company.
| Issuer: | Westbow Energy Inc.
|
| Issue: | Flow-through and non flow-through shares
|
| Amount: | C$1,603,500
|
| Placement agent: | Non-brokered
|
| Pricing date: | March 27
|
| Settlement date: | April 27 (for first tranche)
|
| Stock symbol: | TSX Venture: WBW
|
| Stock price: | C$0.85 at close April 27
|
|
|
| Flow-through shares
|
| Shares: | 985,000
|
| Price: | C$0.90
|
| Warrants: | No
|
|
|
| Non flow-through shares
|
| Shares: | 956,000
|
| Price: | C$0.75
|
| Warrants: | No
|
|
|
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