Sale assists shale company in securing oil and gas rights in Mexico
By Devika Patel
Knoxville, Tenn., Nov. 4 – Renaissance Oil Corp. said it raised C$4.59 million in the second and final tranche of a C$10.69 million oversubscribed private placement of units on Tuesday. Haywood Securities Inc. is the agent for the deal, which priced for C$10 million on Sept. 28 and raised C$6.1 million on Oct. 7.
The company sold 106.89 million units of one common share and one warrant at C$0.10 per unit. It sold 61,025,000 units in the initial tranche and 45,865,000 units in the second.
Each warrant is exercisable at C$0.20 until Oct. 6, 2020. The strike price reflects a 53.85% premium to the Sept. 25 closing share price of C$0.13.
Proceeds will be used to secure oil and gas rights in Mexico, for capital expenditures and for general corporate purposes.
The White Rock, B.C., company is developing a diversified shale and mature fields portfolio.
| Issuer: | Renaissance Oil Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$10,689,000
|
| Units: | 106.89 million
|
| Price: | C$0.10
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Oct. 6, 2020
|
| Warrant strike price: | C$0.20
|
| Agent: | Haywood Securities Inc.
|
| Pricing date: | Sept. 28
|
| Settlement date: | Oct. 6 (for C$6,102,500), Nov. 4 (for C$4,586,500)
|
| Stock symbol: | TSX Venture: ROE
|
| Stock price: | C$0.13 at close Sept. 25
|
| Market capitalization: | C$6.84 million
|
|
|
© 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.
