By Sheri Kasprzak
New York, Aug. 30 - Antrim Energy Inc. said it has arranged a private placement for C$11 million and a separate, public offering of prospectus units for another C$15 million in proceeds.
In the private placement, the company will sell 6,111,111 special warrants at C$1.80 each through a syndicate of placement agents led by Research Capital Corp.
The special warrants include one share and one half-share warrant. The whole warrants provide for the purchase of an additional share at C$3.00 each for 18 months.
In the public offering, the company will sell up to 8,333,333 prospectus units at C$1.80 each.
The units involved in the public offering will also include one share and one half-share warrant. The whole warrants are exercisable under the same terms.
Both offerings are slated to close the week of Sept. 19.
Proceeds will be used for the Causeway prospect in the North Sea. The remainder will be used for general corporate purposes.
Based in Calgary, Alta., Antrim is an oil and natural gas exploration company.
| Issuer: | Antrim Energy Inc.
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| Issue: | Special warrants exchangeable into one share and one half-share warrant
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| Amount: | C$11 million
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| Special warrants: | 6,111,111
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| Price: | C$1.80
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| Warrants: | One half-share warrant per unit upon exchange
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$3.00
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| Placement agents: | Research Capital Corp. (lead)
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| Pricing date: | Aug. 30
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| Stock price: | C$1.97 at close Aug. 29
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