Offering funds acquisition of oil and gas properties, working capital
By Devika Patel
Knoxville, Tenn., Sept. 17 – Huntington Exploration Inc. said it has negotiated a C$2 million non-brokered private placement of units in connection with its planned acquisition of Regency Metals Corp.
The company will sell 40 million units of one common share and one warrant at C$0.05 per unit.
Each warrant is exercisable at C$0.075 for one year. The strike price is a 150% premium to the Sept. 16 closing share price of C$0.03.
Proceeds will be used for acquiring interests in oil and gas properties and for general working capital.
Huntington explores for oil and natural gas and is based in Calgary, Alta.
| Issuer: | Huntington Exploration Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$2 million
|
| Units: | 40 million
|
| Price: | C$0.05
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.075
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 17
|
| Stock symbol: | TSX Venture: HEI
|
| Stock price: | C$0.03 at close Sept. 16
|
| Market capitalization: | C$2.25 million
|
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