By Sheri Kasprzak
Atlanta, June 28 - Anderson Energy Ltd. said it has negotiated a private placement for C$20,075,000.
The company plans to sell 1.55 million subscription receipts at C$6.50 each and 1.25 million flow-through shares at C$8.00 each.
The receipts are exchangeable, on a one-for-one basis, for common shares following the completion of Anderson's acquisition of Arquest Energy Ltd. Following the acquisition, the flow-through shares will be common shares of the amalgamated company.
If the acquisition is not completed, the proceeds will be refunded to investors.
A syndicate of Canadian underwriters also has an over-allotment option for up to 1.55 million additional subscription receipts for additional proceeds of C$10,075,000.
When released from escrow, the proceeds will be used to complete the acquisition, repay debt and fund exploration, development and acquisitions.
Anderson is a Calgary, Alta.-based oil and natural gas exploration, development and acquisition company.
| Issuer: | Anderson Energy Ltd.
|
| Issue: | Subscription receipts and flow-through shares
|
| Amount: | C$20,075,000
|
| Pricing date: | June 28
|
|
|
| Receipts
|
| Issue: | Subscription receipts exchangeable for common stock following completion of acquisition
|
| Receipts: | 1.55 million
|
| Greenshoe: | For up to 1.55 million additional receipts
|
| Price: | C$6.50
|
| Warrants: | No
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 1.25 million
|
| Price: | C$8.00
|
| Warrants: | No
|
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