Non-brokered deal sells 8.1 million shares at C$0.19, C$0.21 apiece
By Devika Patel
Knoxville, Tenn., June 29 – Hemisphere Energy Corp. said it raised C$1.04 million in the first tranche of a C$1.6 million non-brokered private placement of stock. The deal priced on June 8.
The company is selling 5 million common shares at C$0.19 apiece and 3.1 million flow-through common shares at C$0.21 apiece. The prices per share are 5.56% and 16.67% premiums, respectively, to C$0.18, the June 7 closing share price.
Hemisphere sold 2,743,000 flow-through shares for C$576,030 and 2,449,500 common shares for C$465,405 in the initial tranche.
Proceeds will be used to drill a development well in the Atlee Buffalo Upper Mannville G oil pool, for other recompletion or development drilling projects, to acquire water handling and injection equipment and for other general corporate purposes.
The Vancouver, B.C.-based company explores and develops oil and gas properties.
| Issuer: | Hemisphere Energy Corp.
|
| Issue: | Common shares, flow-through common shares
|
| Amount: | C$1,601,000
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | June 8
|
| Settlement date: | June 28 (for C$1,041,435)
|
| Stock symbol: | TSX Venture: HME
|
| Stock price: | C$0.18 at close June 7
|
| Market capitalization: | C$15.54 million
|
|
|
| Common stock
|
| Amount: | C$950,000
|
| Shares: | 5 million
|
| Price: | C$0.19
|
|
|
| Flow-through stock
|
| Amount: | C$651,000
|
| Shares: | 3.1 million
|
| Price: | C$0.21
|
© 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.
