Published on 2/16/2016 in the Prospect News PIPE Daily.
Manitok wraps final tranche of placement, size reaches C$10.6 million
Sells 500,000 shares for C$65,000 in third and last round
By Wendy Van Sickle
Columbus, Ohio, Feb. 16 – Manitok Energy Inc. said it closed the third and final tranche of its private placement of stock on Tuesday, lifting the total to C$10.6 million.
The company sold a total of 39,740,462 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 sold common shares at C$0.13 apiece and flow-through common shares at C$0.15 apiece on a best-efforts basis.
In the final tranche, the company sold 500,000 common shares for C$65,000.
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 was 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.
The oil and gas company is based in Calgary, Alta.
| Issuer: | Manitok Energy Inc.
|
| Amount: | C$10.6 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) Feb. 16 (for C$65,000)
|
| 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), C$65,000 (third tranche)
|
| Shares: | 27,287,562 (total), 23,766,831 (first tranche), 3,520,731 (second tranche), 500,000 (third 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
|
|
|
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