Proceeds of upsized deal to fund oil and gas projects, working capital
By Devika Patel
Knoxville, Tenn., Oct. 27 - Lynden Energy Corp. said it completed the initial tranche of a non-brokered private placement. The offering priced for C$7 million on Oct. 6 but was increased Wednesday.
The company is selling C$10 million in units of one common share and one warrant priced at C$0.50 per unit. It sold 14,214,000 units in the first tranche for C$7.11 million.
Each warrant is exercisable at C$0.70 until Oct. 27, 2013. The strike price is a 40% premium to C$0.50, the Oct. 5 closing share price.
Proceeds will be used for the company's oil and gas projects and for general working capital.
Based in Vancouver, B.C., Lynden Energy is a petroleum and natural gas exploration company.
| Issuer: | Lynden Energy Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$10 million
|
| Price: | C$0.50
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Oct. 27, 2013
|
| Warrant strike price: | C$0.70
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 6
|
| Upsized: | Oct. 27
|
| Settlement date: | Oct. 27 (for C$7,107,000)
|
| Stock symbol: | TSX Venture: LVL
|
| Stock price: | C$0.50 at close Oct. 6
|
| Market capitalization: | C$38.86 million
|
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