By Sheri Kasprzak
Atlanta, May 11 - AFS Energy Inc. said it has closed a private placement for C$10 million.
The company sold 10,000 series U subscription receipts at C$1,000 each.
The proceeds are currently being held in escrow. The subscription receipts are exchangeable for common shares upon the completion of the company's reorganization. Following the reorganization, AFS's name will be changed to Flagship Energy Inc.
GMP Securities Ltd. was the lead placement agent in the offering.
Based in Calgary, Alta., AFS Energy is an oil and natural gas exploration company.
| Issuer: | AFS Energy Inc.
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| Issue: | Series U subscription receipts exchangeable for common shares
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| Amount: | C$10 million
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| Receipts: | 10,000
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| Price: | C$1,000
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| Warrants: | No
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| Placement agent: | GMP Securities Ltd. (lead)
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| Settlement date: | May 11
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| Stock price: | $0.18 at close May 11
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