By Devika Patel
Knoxville, Tenn., July 8 - Landis Energy Corp. announced plans to raise C$24 million in a brokered private placement of stock. It also announced a C$6 million non-brokered deal.
The company said it will sell up to 26.7 million common shares in the brokered deal, which will be conducted by a syndicate which will be led by FirstEnergy Capital Corp. and include Thomas Weisel Partners Canada Inc.
The non-brokered deal will have the same terms as the brokered offering, and the two placements will settle simultaneously on Aug. 6.
Proceeds will be used to fund the development of the Alton Natural Gas Storage project and for general corporate purposes.
Landis, based in Calgary, Alta., is an oil and natural gas exploration company. It was formerly known as Landis Mining Corp.
| Issuer: | Landis Energy Corp.
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| Issue: | Common shares
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| Amount: | C$30 million
|
| Warrants: | No
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| Pricing date: | July 8
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| Settlement date: | Aug. 6
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| Stock symbol: | TSX Venture: LIS
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| Stock price: | C$1.08 at close July 7
|
|
|
| Brokered deal
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| Amount: | C$24 million
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| Shares: | 26.7 million
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| Agent: | FirstEnergy Capital Corp. (lead), Thomas Weisel Partners Canada Inc.
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|
|
| Non-brokered deal
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| Amount: | C$6 million
|
| Agent: | Non-brokered
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