Offering funds additional opportunities, general corporate purposes
By Devika Patel
Knoxville, Tenn., April 12 - Loon Energy Inc. said it will raise C$1 million in a non-brokered private placement of stock.
The company will sell 10 million common shares at C$0.10 per share. The price per share is a 23.08% discount to the April 11 closing share price of C$0.13. The price per share also represents a 20.6% discount to the 10-day weighted average and a 23.8% discount to the 20-day weighted average, the company noted in a press release.
Insiders are expected to participate for 40% of the offering.
Settlement is expected May 15.
Proceeds will be used to seek additional oil and gas opportunities and for general corporate purposes.
Loon is an oil and gas company based in Calgary, Alta.
| Issuer: | Loon Energy Inc.
|
| Issue: | Common shares
|
| Amount: | C$1 million
|
| Shares: | 10 million
|
| Price: | C$0.10
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 12
|
| Settlement date: | May 15
|
| Stock symbol: | TSX Venture: LNE
|
| Stock price: | C$0.13 at close April 11
|
| Market capitalization: | C$1.25 million
|
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