By Devika Patel
Knoxville, Tenn., Aug. 27 - International Sovereign Energy Corp. said it will conduct a C$3.5 million private placement of units with agent Canaccord Capital Corp.
The company will sell 2.8 million units at C$1.25 apiece. Each unit consists of one common share and one half-share warrant. Each whole two-year warrant is exercisable at C$1.50 in the first year and at C$2.00 thereafter.
If, over a 20 consecutive trading day period, the company's common shares close at a price which exceeds the warrant exercise price by 30% on a daily closing volume-weighted average basis, the warrants will expire 30 days after the company notifies holder of such an event.
There is a C$350,000 greenshoe comprised of 280,000 units.
Proceeds will be used for advancement of the company's oil and gas properties and general corporate purposes.
International Sovereign is an oil and gas exploration company with headquarters in Vancouver, B.C.
| Issuer: | International Sovereign Energy Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$3.5 million
|
| Greenshoe: | C$350,000, or 280,000 units
|
| Units: | 2.8 million
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50 in the first year, C$2.00 thereafter
|
| Agents: | Canaccord Capital Corp.
|
| Pricing date: | Aug. 27
|
| Stock symbol: | Toronto: ISR
|
| Stock price: | C$1.19 at close Aug. 27
|
© 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.
