Published on 1/26/2016 in the Prospect News PIPE Daily.
Manitok wraps second tranche of placement, size now C$10.54 million
Plans third tranche to meet investor demand
By Wendy Van Sickle
Columbus, Ohio, Jan. 26 – Manitok Energy Inc. said it closed the second tranche of its private placement of stock on Tuesday, lifting the total to C$10,538,685.
The company has now sold a total of 39,240,462 common shares and 36,249,500 flow-through shares.
The company raised C$8.31 million in the first tranche on Dec. 31. The deal priced for between C$10 million and C$20 million on Dec. 17.
The company is selling common shares at C$0.13 apiece and flow-through common shares at C$0.15 apiece on a best-efforts basis. It will only sell up to C$6 million in flow-through shares.
In the second tranche, Manitok issued 3,520,731 common shares raising C$457,695 on a brokered basis and 11,952,900 common shares and 1.17 million flow-through shares for a total C$1,729,377 in a non-brokered placement.
The company sold 23,766,831 common shares and 34,768,800 flow-through shares in the brokered portion of the first tranche and 310,700 flow-through shares in the non-brokered placement.
The brokered placement is being conducted on a best-efforts basis by a syndicate of agents co-led by Integral Wealth Securities Ltd. and GMP Securities LP.
Proceeds will be used for exploration, to reduce bank debt, for Manitok’s 2016 capital program and for general corporate purposes.
In conjunction with the second closing, Manitok’s credit facility was revised to C$60 million. It will no longer need to make a C$10 million payment in March or a C$20 million payment in May.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Manitok Energy Inc.
|
| Amount: | C$10,538,685, maximum of C$20 million
|
| Warrants: | No
|
| Agents: | Integral Wealth Securities Ltd., and GMP Securities LP (co-leads), Dundee Securities Inc., National Bank Financial Inc. and Canaccord Genuity Group Inc. (for brokered portion)
|
| Pricing date: | Dec. 17
|
| Settlement date: | Dec. 30 (for C$8,305,008) Jan. 25 (for C$457,695)
|
| Stock symbol: | TSX Venture: MEI
|
| Stock price: | C$0.13 at close Dec. 16
|
|
|
| Brokered common shares
|
| Issue: | Common shares
|
| Amount: | C$3,547,383 (total), C$3,089,688 (first tranche), C$457,695 (second tranche)
|
| Shares: | 27,287,562 (total), 23,766,831 (first tranche), 3,520,731 (second tranche)
|
| Price: | C$0.13
|
|
|
| Brokered flow-through shares
|
| Issue: | Flow-through shares
|
| Amount: | C$5,215,320 (first tranche)
|
| Shares: | 34,768,800 (first tranche)
|
| Price: | C$0.15
|
|
|
| Non-brokered common shares
|
| Issue: | Common shares
|
| Amount: | C$1,553,877 (second tranche)
|
| Shares: | 11,952,900 (second tranche)
|
| Price: | C$0.13
|
|
|
| Non-brokered flow-through shares
|
| Issue: | Flow-through shares
|
| Amount: | C$222,105 (total), C$46,605 (first tranche), C$175,500 (second tranche)
|
| Shares: | 1,480,700 (total), 310,700 (first tranche), 1.17 million (second tranche)
|
| Price: | C$0.15
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
