Funds earmarked for exploration activities in southwest Saskatchewan
By Devika Patel
Knoxville, Tenn., Nov. 9 - Culane Energy Corp. said it completed the second and final tranche of a private placement of stock. The deal priced for C$3.26 million on Oct. 5 and the company raised C$1.23 million on Oct. 26. The final tranche raised C$2.03 million.
The company sold 2.25 million flow-through common shares at C$1.45 each. The price per share represents a 14.17% premium to the Oct. 4 closing share price of C$1.27. The company sold 850,000 shares in the first tranche and 1.4 million shares in this one.
RBC Capital Markets was the underwriter for the offering.
Proceeds will be used to fund ongoing exploration activities at the company's program in southwest Saskatchewan.
Culane is a Calgary, Alta.-based oil and gas company engaged in the exploration, development and production of oil and natural gas in Alberta and Saskatchewan.
| Issuer: | Culane Energy Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$3,262,500
|
| Shares: | 2.25 million
|
| Price: | C$1.45
|
| Warrants: | No
|
| Underwriter: | RBC Capital Markets
|
| Pricing date: | Oct. 5
|
| Settlement date: | Oct. 26 (for C$1,232,500), Nov. 9 (for C$2.03 million)
|
| Stock symbol: | TSX Venture: CLN
|
| Stock price: | C$1.27 at close Oct. 4
|
| Market capitalization: | C$33.1 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
