Non-brokered deal sells shares at C$0.80, C$0.85 and C$0.95 per share
By Devika Patel
Knoxville, Tenn., June 8 – Manitok Energy Inc. said it will conduct a C$25 million non-brokered private placement of stock.
The company will sell common shares at C$0.80 apiece, flow-through common shares at C$0.85 per share and Canadian exploration expense common shares at C$0.95 each. The prices per share are 17.53%, 12.37% and 2.06% discounts to C$0.97, the June 5 closing share price.
Proceeds will be used for part of the $61.5 million cash consideration required for the company’s planned acquisition of a processing facility in Alberta.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Manitok Energy Inc.
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| Issue: | Common shares, flow-through common shares, Canadian exploration expense common shares
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| Amount: | C$25 million
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| Warrants: | No
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| Agent: | Non-brokered
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| Pricing date: | June 8
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| Stock symbol: | TSX Venture: MEI
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| Stock price: | C$0.97 at close June 5
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| Market capitalization: | C$52.22 million
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| Common stock
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| Price: | C$0.80
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| Flow-through stock
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| Price: | C$0.85
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| CEE stock
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| Price: | C$0.95
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