By Sheri Kasprzak
New York, March 15 - Longford Corp. said it plans to raise up to C$5 million in a private placement.
The offering includes up to 16,666,667 units at C$0.30 apiece.
Each unit is comprised of one share and one half-share warrant, with each whole warrant exercisable at C$0.40 for 18 months.
The deal is being placed through a syndicate of agents led by Canaccord Adams Ltd. and is expected to close April 7.
Proceeds will be used for coal bed methane projects in Alberta and Alabama.
Based in Calgary, Alta., Longford is an oil and natural gas exploration company.
| Issuer: | Longford Corp.
|
| Issue: | Units of one share and one half-share warrant
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| Amount: | C$5 million (maximum)
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| Units: | 16,666,667 (maximum)
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| Price: | C$0.30
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$0.40
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| Placement agent: | Canaccord Adams Ltd. (lead)
|
| Pricing date: | March 15
|
| Settlement date: | April 7
|
| Stock symbol: | TSX Venture: LFD
|
| Stock price: | C$0.26 at close March 15
|
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