By Sheri Kasprzak
New York, Aug. 11 - Leader Energy Services Ltd. said it plans to raise C$20,000,070 in a private placement of stock.
The company plans to sell 6,557,400 shares at C$3.05 each.
A syndicate of underwriters led by Westwind Partners Inc. has an over-allotment option to sell another 1,639,400 in shares before closing. If fully exercised, the option would bring the total proceeds to C$25,000,240.
The deal is expected to close Aug. 30.
The proceeds will be used to expand the company's range of services to include cementing services for oil or gas wells. The company also plans to add another $9 million in term debt from its primary lender.
Based in Calgary, Alta., Leader Energy provides field services for oil and gas wells.
| Issuer: | Leader Energy Services Ltd.
|
| Issue: | Stock
|
| Amount: | C$20,000,070
|
| Shares: | 6,557,400
|
| Greenshoe: | For 1,639,400 shares
|
| Price: | C$3.05
|
| Warrants: | No
|
| Underwriters: | Westwind Partners Inc. (lead)
|
| Pricing date: | Aug. 11
|
| Settlement date: | Aug. 30
|
| Stock price: | C$3.46 at close Aug. 10
|
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