By Sheri Kasprzak
New York, April 25 - Choice Resources Corp. said it has completed a C$9 million private placement, including a partially exercised over-allotment option.
The company sold 3,636,364 flow-through shares at C$1.10 each and 5,263,158 units at C$0.95 each, including the partially exercised greenshoe for 1,052,631 units exercised by underwriter Research Capital Corp.
The units consist of one share and one half-share warrant with each whole warrant exercisable at C$1.35 for one year.
The deal priced April 4 as a C$8 million offering of 4,210,526 units and 3,636,364 flow-through shares. Research had been granted a greenshoe for up to 25% of the units and up to 25% of the shares.
Proceeds will be used for exploration and development on the company's oil and natural gas properties.
Calgary, Alta.-based Choice is an oil and natural gas exploration company.
| Issuer: | Choice Resources Corp.
|
| Issue: | Flow-through shares and units of one share and one half-share warrant
|
| Amount: | C$9 million
|
| Placement agent: | Research Capital Corp.
|
| Pricing date: | April 4
|
| Settlement date: | April 25
|
| Stock symbol: | TSX Venture: CZE
|
| Stock price: | C$0.90 at close April 4
|
| Stock price: | C$0.90 at close April 25
|
|
|
| Flow-through shares
|
| Shares: | 3,636,364
|
| Price: | C$1.10
|
| Warrants: | No
|
|
|
| Units
|
| Units: | 5,263,158 (includes greenshoe for 1,052,631 units)
|
| Price: | C$0.95
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.35
|
|
|
© 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.
