By Devika Patel
Knoxville, Tenn., Dec. 16 - Crocotta Energy Inc. announced it has settled a C$9 million private placement of stock. The deal priced for C$6.75 million on Dec. 2.
The company sold 4 million flow-through common shares at C$2.25 per share. Of the shares sold, 1 million were part of the greenshoe.
The bought-deal financing was arranged with a syndicate of underwriters led by GMP Securities LP and including Cormark Securities Inc., Clarus Securities Inc., Macquarie Capital Markets Canada Ltd., Tristone Capital Inc., Acumen Capital Finance Partners Ltd. and Wellington West Capital Markets Inc.
Proceeds will be used to finance Crocotta's Montney and Rock Creek developments.
Calgary, Alta.-based Crocotta is an oil and natural gas exploration and development company.
| Issuer: | Crocotta Energy Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$9 million (including C$2.25 million greenshoe)
|
| Shares: | 4 million
|
| Price: | C$2.25
|
| Warrants: | No
|
| Agents: | GMP Securities LP (lead), Cormark Securities Inc., Clarus Securities Inc., Macquarie Capital Markets Canada Ltd., Tristone Capital Inc., Acumen Capital Finance Partners Ltd. and Wellington West Capital Markets Inc.
|
| Pricing date: | Dec. 2
|
| Settlement date: | Dec. 16
|
| Stock symbol: | Toronto: CTA
|
| Stock price: | C$1.85 at close Dec. 1
|
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