Oil and gas company sells two types of shares on a best-efforts basis
By Devika Patel
Knoxville, Tenn., Dec. 16 - Manitok Energy Inc. said it has increased a private placement of stock. The deal priced for C$15 million on Nov. 29 and will now raise C$17 million on a best-efforts basis.
The company will sell common shares at C$1.00 apiece and flow-through common shares at C$1.15 apiece. It will only sell up to C$8 million of flow-through shares.
The prices per share represent a 3.85% discount and a 10.58% premium to C$1.04, the Nov. 26 closing share price.
The deal will be conducted by Integral Wealth Securities Ltd. as agent.
Settlement is expected Dec. 20.
The oil and gas company is based in Calgary, Alta.
Issuer: | Manitok Energy Inc.
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Issue: | Flow-through common shares, common shares
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Amount: | C$17 million
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Warrants: | No
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Agent: | Integral Wealth Securities Ltd.
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Pricing date: | Nov. 29
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Upsized: | Dec. 16
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Settlement date: | Dec. 20
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Stock symbol: | TSX Venture: MEI
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Stock price: | C$1.04 at close Nov. 26
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Market capitalization: | C$24.76 million
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Flow-through shares
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Amount: | C$8 million (maximum)
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Price: | C$1.15
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Common shares
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Price: | C$1.00
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