By Sheri Kasprzak
New York, Sept. 28 - Stealth Ventures Ltd. concluded two private placements for total proceeds of C$13.14 million.
The company sold 1,337,500 units at C$1.60 each and 2,941,176 flow-through shares at C$1.70 each in a brokered offering.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$2.30 each through March 22, 2008. The expiry will be accelerated to 21 days if the stock trades above C$3.75 for more than 20 consecutive trading days.
D&D Securities Co. was the placement agent for that portion of the deal.
On a non-brokered basis, the company sold 3.75 million units at C$1.60 each. Those units include one share and one half-share warrant. The whole warrants are exercisable at C$2.30 each through March 26, 2008.
Proceeds will be used for ongoing exploration and development at the company's coal bed methane properties in Nova Scotia and its shale gas properties in Saskatchewan and Alberta. The rest will be used for general corporate purposes.
Calgary, Alta.-based Stealth is an oil and natural gas exploration company.
Brokered placement
| Issuer: | Stealth Ventures Ltd.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$7.14 million
|
| Placement agent: | D&D Securities Co.
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 21
|
| Stock symbol: | TSX Venture: SLV
|
| Stock price: | C$1.57 at close Aug. 31
|
| Stock price: | C$1.40 at close Sept. 21
|
|
|
| Flow-through shares
|
| Shares: | 2,941,176
|
| Price: | C$1.70
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 1,337,500
|
| Price: | C$1.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 22, 2008
|
| Warrant strike price: | C$2.30
|
|
|
| Non-brokered placement
|
| Issuer: | Stealth Ventures Ltd.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$6 million
|
| Units: | 3.75 million
|
| Price: | C$1.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | March 26, 2008
|
| Warrant strike price: | C$2.30
|
| Placement agent: | Non-brokered
|
| Pricing date: | Aug. 31
|
| Settlement date: | Sept. 21
|
| Stock symbol: | TSX Venture: SLV
|
| Stock price: | C$1.57 at close Aug. 31
|
| Stock price: | C$1.40 at close Sept. 21
|
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