By Sheri Kasprzak
New York, Aug. 17 - Leader Energy Services Ltd. said a syndicate of underwriters placing its previously announced C$20 million private placement has fully exercised its over-allotment option on the deal, bringing the proceeds to C$25,000,240.
The company will now sell 8,196,800 shares at C$3.05 each, including a greenshoe for 1,639,400 shares.
The deal was announced Aug. 11 as a C$20,000,070 offering of 6,557,400 shares.
The other underwriters in the syndicate include Research Capital Corp., JF Mackie & Co. Ltd. and Orion Securities Inc.
The company expects the offering to close on Aug. 30.
Proceeds will be used to expand the company's range of services to include cementing services for oil or gas wells. The company also plans to add another $9 million in term debt from its primary lender for the expansion.
Based in Calgary, Alta., Leader Energy provides field services for oil and gas wells.
| Issuer: | Leader Energy Services Ltd.
|
| Issue: | Stock
|
| Amount: | C$25,000,240
|
| Shares: | 8,196,800 (includes greenshoe for 1,639,400 shares)
|
| Price: | C$3.05
|
| Warrants: | No
|
| Underwriters: | Westwind Partners Inc. (lead); Research Capital Corp.; JF Mackie & Co. Ltd.; Orion Securities Inc.
|
| Pricing date: | Aug. 11
|
| Greenshoe exercised: | Aug. 16
|
| Settlement date: | Aug. 30
|
| Stock price: | C$3.70 at close Aug. 11
|
| Stock price: | C$3.55 at close Aug. 16
|
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