By Sheri Kasprzak
New York, Aug. 10 - Valkyries Petroleum Corp. has priced a C$66 million private placement to repay a US$50 million bridge loan.
The company plans to sell 11 million shares at C$6.00 each on a non-brokered basis.
The offering was first announced Wednesday afternoon as a C$60 million deal of 10 million shares but was later increased to the current amount.
The bridge loan the company hopes to repay with the funds from the offering was obtained when Valkyries bought a 70% interest in the Lagansky exploration block near the Caspian Sea. The funds not used to repay the loan will be used for general corporate purposes.
Based in Vancouver, B.C., Valkyries is an oil and natural gas exploration company with properties in Russia.
| Issuer: | Valkyries Petroleum Corp.
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| Issue: | Stock
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| Amount: | C$66 million
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| Shares: | 11 million
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| Price: | C$6.00
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| Warrants: | No
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| Pricing date: | Aug. 10
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| Stock price: | C$6.51 at close Aug. 10
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