Offering funds exploration and development of oil and gas properties
By Devika Patel
Knoxville, Tenn., Feb. 28 - Americas Petrogas Inc. said it has arranged a private placement of stock. The deal will raise C$40 million.
The company will sell 16.13 million common shares at C$2.48 each on a bought-deal basis. The price per share is a 6.77% discount to C$2.66, the Feb. 25 closing share price.
Settlement is expected March 14.
Mackie Research Capital Corp. is the lead agent of a syndicate for the deal.
Proceeds will be used for exploration and development of the company's oil and gas properties, exploration of subsidiary GrowMax Agri Corp.'s 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$40,002,400
|
| Shares: | 16.13 million
|
| Price: | C$2.48
|
| Warrants: | No
|
| Agent: | Mackie Research Capital Corp. (lead)
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 14
|
| Stock symbol: | TSX Venture: BOE
|
| Stock price: | C$2.66 at close Feb. 25
|
| Market capitalization: | C$337.65 million
|
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