Spud Energy acquisition results in 5 million new shares at C$1.00 each
By Toni Weeks
San Diego, July 11 - Jura Energy Corp. said it completed a C$3.86 million non-brokered private placement of shares and converted a C$1.14 million bridge loan into shares, raising a total of C$5 million.
According to a company press release, the company sold 3,858,348 new shares and converted the bridge loan into 1,141,652 shares at C$1.00 apiece. The per-share price represents a 2,122.2% premium to the closing share price of C$0.045 on July 11.
The shares were issued in connection with the company's acquisition of Spud Energy Pty Ltd. from Eastern Petroleum Ltd. The acquisition agreement also required Jura to consolidate its common shares on a 10-for-one basis.
"We are very pleased to have closed the transactions, including the private placement, which values New Jura at C$1 per share, a substantial premium to Jura's recent trading price," chief executive officer Graham Garner said in the release.
Calgary, Alta.-based Jura Energy explores for and develops petroleum and natural gas properties in Pakistan.
| Issuer: | Jura Energy Corp.
|
| Issue: | Common shares
|
| Amount: | C$5 million
|
| Shares: | 5 million, with 3,858,348 sold in private placement and 1,141,652 shares from conversion of bridge loan
|
| Price: | C$1.00
|
| Conversion price: | C$1.00
|
| Warrants: | No
|
| Settlement date: | July 11
|
| Stock symbol: | Toronto: JEC
|
| Stock price: | C$0.045 at close July 11
|
| Market capitalization: | C$5.93 million
|
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