Company completes offering as part of qualifying transaction
By Angela McDaniels
Tacoma, Wash., Feb. 28 - Drako Capital Corp. sold 8,165,000 common shares for C$1.63 million in a non-brokered private placement, according to a company news release.
The company announced plans for the placement on Dec. 14. It planned to raise C$1.25 million to C$1.5 million by selling 6.25 million to 7.5 million shares.
The price per share is C$0.20, which is a 4.76% discount to the Dec. 13 closing share price of C$0.21.
The placement was made in connection with the company's qualifying transaction. Drako will participate in a three-well drilling program with Manitok Energy Inc. under a farmout and participation agreement.
The proceeds of the placement will be used for drilling and related expenditures associated with the qualifying transaction.
Drako is a capital pool company based in Calgary, Alta.
| Issuer: | Drako Capital Corp.
|
| Issue: | Common stock
|
| Amount: | C$1,633,000
|
| Shares: | 8,165,000
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 14
|
| Settlement date: | Feb. 28
|
| Stock symbol: | TSX Venture: DKC.P
|
| Stock price: | C$0.21 at close Dec. 13
|
| Market capitalization: | C$2.24 million
|
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