By Devika Patel
Knoxville, Tenn., March 31 - Americas Petrogas Inc. said it raised C$6 million in a non-brokered private placement of stock and C$10 million in an underwritten placement. The non-brokered deal priced on March 25, and the underwritten offering priced for C$7 million with a C$3 million greenshoe on March 12.
In the non-brokered placement, the company sold 7,407,414 common shares at C$0.81 each.
In the brokered deal, the company sold 12,345,700 common shares at C$0.81 each. Of the shares, 3,703,700 were part of the fully exercised greenshoe.
Mackie Research Capital Corp. was the lead underwriter of a syndicate which included Dundee Securities Corp., Byron Securities Ltd. and PI Financial Corp.
Proceeds will be used for the exploration and development of the company's oil and gas properties, to advance its potash project and for general corporate purposes.
Americas Petrogas is a Calgary, Alta.-based oil and gas exploration and development company.
| Issuer: | Americas Petrogas Inc.
|
| Issue: | Common stock
|
| Amount: | C$16 million, including C$3 million exercised greenshoe
|
| Shares: | 19,753,114
|
| Price: | C$0.81
|
| Warrants: | No
|
| Agent: | Mackie Research Capital Corp. (lead), Dundee Securities Corp., Byron Securities Ltd. and PI Financial Corp. (for C$10 million), non-brokered (for C$6 million)
|
| Pricing date: | March 12 (for C$7 million with C$3 million greenshoe), March 25 (for for C$6 million)
|
| Settlement date: | March 31
|
| Stock symbol: | TSX Venture: BOE
|
| Stock price: | C$0.89 at close March 11, C$0.90 at close March 24
|
| Market capitalization: | C$87 million
|
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