By Devika Patel
Knoxville, Tenn., Feb. 19 - Lochaird Energy Inc. announced it has arranged a C$2.5 million private placement of units.
The company will sell 23 million flow-through units at C$0.10 apiece. Each flow-through unit will consist of one flow-through common share and one half-share warrant, with each whole warrant exercisable at C$0.15 for 18 months.
The company also will sell 2 million units at C$0.10 apiece. Each unit will consist of one common share and one half-share warrant, with each whole warrant exercisable at C$0.10 for 18 months.
The warrants may expire sooner under certain circumstances.
Griffiths Energy and Resources Inc. and Euroglobal Capital Partners Inc. are the agents.
Proceeds will be used for exploration.
Calgary, Alta.-based Lochaird produces crude oil, natural gas and associated liquids.
| Issuer: | Lochaird Energy Inc.
|
| Issue: | Flow-through units of one flow-through common share and one half-share warrant, units of one common share and one half-share warrant
|
| Amount: | C$2.5 million
|
| Price: | C$0.10
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Agents: | Griffiths Energy and Resources Inc. and Euroglobal Capital Partners Inc.
|
| Pricing date: | Feb. 19
|
| Stock symbol: | TSX Venture: LEN
|
| Stock price: | C$0.10 at close Feb. 19
|
|
|
| Flow-through units
|
| Amount: | C$2.3 million
|
| Units: | 23 million
|
| Warrant strike price: | C$0.15
|
|
|
| Units
|
| Amount: | C$200,000
|
| Units: | 2 million
|
| Warrant strike price: | C$0.10
|
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