Offering's proceeds fund business combination with Mondak Petroleum
By Devika Patel
Knoxville, Tenn., Dec. 21 - Algonquin Oil & Gas Ltd. said it took in C$1.14 million in a non-brokered private placement of stock. The deal priced for C$1.2 million on Nov. 14.
The company sold 11.4 million common shares at C$0.10 apiece. The price per share is a 53.85% premium to the Nov. 10 closing share price of C$0.065.
Proceeds will be used to pay for all of the costs related to the company's planned acquisition of Mondak Petroleum Inc. and for working capital purposes. In the acquisition, the company will acquire Mondak in a business combination slated to settle on Jan. 11.
Algonquin is an oil and gas company based in Chatham, Ont.
| Issuer: | Algonquin Oil & Gas Ltd.
|
| Issue: | Common stock
|
| Amount: | C$1.14 million
|
| Shares: | 11.4 million
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Nov. 14
|
| Settlement date: | Dec. 21
|
| Stock symbol: | TSX Venture: AQX
|
| Stock price: | C$0.07 at close Nov. 14
|
| Market capitalization: | C$641,500
|
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