Non-brokered deal funds oil and gas projects, general working capital
By Devika Patel
Knoxville, Tenn., May 18 - Lynden Energy Corp. said it raised C$2.04 million in the second and final tranche of a C$6.3 million non-brokered private placement of units. The deal priced April 17 and raised C$4.26 million on May 9.
The company sold a total of 15 million units of one common share and a half-share warrant at C$0.42 per unit. It sold 10,135,000 units in the first tranche and 4,865,000 units in the second.
Each whole first tranche warrant is exercisable at C$0.65 until May 4, 2015. The second-tranche warrants are exercisable at that price until May 18, 2015. The strike price is a 47.73% premium to the April 16 closing share price of C$0.44.
Proceeds will be used for the company's oil and gas projects and general working capital purposes.
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 a half-share warrant
|
| Amount: | C$6.3 million
|
| Units: | 15 million
|
| Price: | C$0.42
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | May 4, 2015, May 18, 2015
|
| Warrant strike price: | C$0.65
|
| Agent: | Non-brokered
|
| Pricing date: | April 17
|
| Settlement date: | May 9 (for C$4,256,700), May 18 (for C$2,043,300)
|
| Stock symbol: | TSX Venture: LVL
|
| Stock price: | C$0.44 at close April 16
|
| Market capitalization: | C$49.3 million
|
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