By Sheri Kasprzak
Atlanta, March 16 - Loon Energy Inc. said it will raise C$15 million in a private placement of shares.
The company plans to sell 15,789,478 shares at C$0.95 each.
A syndicate of underwriters led by Canaccord Capital Corp. and including Orion Securities Inc., Dundee Securities Corp. and Brant Securities Ltd. has been granted an over-allotment option for up to 5,263,158 additional shares. If fully exercised, the greenshoe will bring in an additional C$5 million.
The deal is scheduled to close March 30.
Based in Calgary, Alta., Loon is an oil and gas development company focused on projects in south-central Europe and Colombia. The proceeds will be used for the drilling of exploration and development wells and the shooting of a 3-dimensional seismic in Colombia. The remainder will be used for working capital and expanded capital expenditures.
| Issuer: | Loon Energy Inc.
|
| Issue: | Stock
|
| Amount: | C$15 million
|
| Shares: | 15,789,478
|
| Greenshoe: | 5,263,158 shares
|
| Price: | C$0.95
|
| Warrants: | No
|
| Underwriters: | Canaccord Capital Corp. (lead); Orion Securities Inc.; Dundee Securities Corp.; Brant Securities Ltd.
|
| Pricing date: | March 16
|
| Settlement date: | March 30
|
| Stock price: | C$1.02 at close March 15
|
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