Offering sells 230,769,230 subscription receipts for C$0.13 each
By Devika Patel
Knoxville, Tenn., Oct. 2 - APIC Petroleum Corp. will raise at least C$30 million in a non-brokered private placement of subscription receipts, according to a press release. The deal will be conducted in connection with the company's planned merger with Longreach Oil and Gas Ltd.
The company will sell at least 230,769,230 subscription receipts at C$0.13 apiece. The price per receipt is an 8.33% premium to the Oct. 1 closing share price of C$0.12. Each receipt will be automatically exercisable for one APIC share immediately prior to the completion of the merger.
APIC is an oil and gas exploration and development company based in Toronto.
| Issuer: | APIC Petroleum Corp.
|
| Issue: | Subscription receipts
|
| Amount: | C$30 million (minimum)
|
| Receipts: | 230,769,230 (minimum)
|
| Price: | C$0.13
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 2
|
| Stock symbol: | TSX Venture: API
|
| Stock price: | C$0.12 at close Oct. 1
|
| Market capitalization: | C$10.15 million
|
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