Offering sells up to 384,615,385 subscription receipts at C$0.13 each
By Devika Patel
Knoxville, Tenn., Oct. 24 - APIC Petroleum Corp. said it will raise between C$30 million and C$50 million in its non-brokered private placement of subscription receipts. The deal is being conducted in connection with the company's planned merger with Longreach Oil and Gas Ltd. and priced for a minimum of C$30 million on Oct. 2.
The company will sell between 230,769,230 and 384,615,385 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), C$50 million (maximum)
|
| Receipts: | 230,769,230 (minimum), 384,615,385 (maximum)
|
| Price: | C$0.13
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Oct. 2
|
| Upsized: | Oct. 24
|
| Stock symbol: | TSX Venture: API
|
| Stock price: | C$0.12 at close Oct. 1
|
| Market capitalization: | C$10.93 million
|
© 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.
