Deal sells units of shares with one-year warrants at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., Aug. 22 – Emerald Bay Energy Inc. said it took in C$558,750 in the second tranche of a C$1.5 million private placement of units. The deal priced on June 25 and raised C$150,000 on July 9.
The company is selling 30 million units of one common share and one warrant at C$0.05 per unit. It sold 3 million units in the first tranche and 11,175,000 units in the second tranche.
Each one-year warrant is exercisable at C$0.05, a 66.67% premium to the June 24 closing share price of C$0.03.
A $5,000 finder’s fee was paid to Brant Securities Ltd., along with 100,000 finder’s options in connection with the first tranche.
Proceeds will be used for exploration and expansion of the company’s South Texas property and for general working capital needs.
In connection with the second tranche, CIBC Wood Gundy was paid a $32,750 finder’s fee and received 655,000 finder’s options. Dundee Capital Markets was paid a $13,125 finder’s fee and received 262,500 finder’s options.
Emerald Bay, based in Calgary, Alta., is an oil and natural gas exploration company.
| Issuer: | Emerald Bay Energy Inc.
|
| Issue: | Units of one common share and a warrant
|
| Amount: | C$1.5 million
|
| Units: | 30 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.05
|
| Pricing date: | June 25
|
| Settlement dates: | July 9 (for C$150,000), Aug. 22 (for C$558,750)
|
| Stock symbol: | TSX Venture: EBY
|
| Stock price: | C$0.03 at close June 24
|
| Market capitalization: | C$8.44 million
|
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