Offering brokered by Casimir Capital; funds go toward exploration
By Devika Patel
Knoxville, Tenn., Nov. 24 - DeeThree Exploration Ltd. said it completed the second tranche of a private placement of stock. The deal was conducted through a syndicate of agents led by Casimir Capital Ltd. and priced for C$15 million on Oct. 28. On Nov. 19, DeeThree said it would raise C$16.57 million in the offering, but it only raised C$16.5 million. It settled a first tranche on Nov. 19.
The company sold 3,626,374 flow-through common shares at C$4.55 per share. It sold 3,213,522 shares in the initial tranche for C$14.62 million and 412,852 shares in the second tranche for C$1.88 million. The price per share is a 18.18% discount to the Oct. 27 closing share price of C$3.85.
Proceeds will be used for exploration.
DeeThree, based in Calgary, Alta., is an oil and gas exploration and production company.
| Issuer: | DeeThree Exploration Ltd
|
| Issue: | Flow-through common stock
|
| Amount: | C$16.5 million
|
| Shares: | 3,626,374
|
| Price: | C$4.55
|
| Warrants: | No
|
| Agent: | Casimir Capital Ltd. (lead)
|
| Pricing date: | Oct. 28
|
| Settlement date: | Nov. 19 (for C$14,621,525), Nov. 24 (for C$1,878,477)
|
| Stock symbol: | Toronto: DTX
|
| Stock price: | C$3.80 at close Oct. 28
|
| Market capitalization: | C$113.73 million
|
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