By Susanna Moon
Chicago, Sept. 4 - Ember Resources Inc. said it completed its previously announced C$55 million private placement of subscription receipts.
The company sold 26,829,269 subscription receipts at C$2.05 each.
Each subscription receipt will convert into one common share of Ember upon the completion of the previously announced arrangement under which Ember will acquire all the outstanding shares of Cordero Energy Inc.
The arrangement is expected to become effective on or about Friday.
Ember is a coal bed methane exploration company based in Calgary, Alta.
Cordero is a Calgary, Alta.-based oil and natural gas exploration company.
| Issuer: | Ember Resources Inc.
|
| Issue: | Subscription receipts
|
| Amount: | C$55 million
|
| Receipts: | 26,829,269
|
| Price: | C$2.05
|
| Conversion rate: | Into one common share of Ember upon completion of arrangement with Cordero Energy Inc. and its shareholders
|
| Warrants: | No
|
| Settlement date: | Sept. 4
|
| Stock symbol: | Toronto: EBR
|
| Stock price: | C$1.36 at close Sept. 3
|
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