Enterprise to price C$25 million placement of subscription receipts

Company sells receipts through agent syndicate to fund acquisitions

By Devika Patel

Knoxville, Tenn., May 17 - Enterprise Energy Resources Ltd. said it will price a C$25 million private placement of subscription receipts, which will be conducted on a best-efforts basis. There is also a C$5 million over-allotment option.

Each receipt converts for free to a unit of one common share and one half-share warrant. Each whole warrant will be exercisable for six months.

The deal will be conducted by a syndicate of agents led by GMP Securities LP and including Haywood Securities Inc. and Paradigm Capital Inc.

Settlement is expected on June 22.

Proceeds will be used to acquire Cerda Capital Corp. and Basin Petroleum Ltd., for ongoing capital expenditures across the company's core asset base in Montana and North Dakota and for general corporate purposes.

The petroleum and natural gas company is based in Vancouver, B.C.

© 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.