By Sheri Kasprzak
New York, July 5 - Milagro Energy Inc. said it has arranged a private placement for C$6,850,090.
The company plans to sell 2 million Canadian Exploration Expense flow-through shares at C$1.50 each, 868,000 Canadian Development Expense flow-through shares at C$1.44 each and 2,143,000 common shares at C$1.19 each.
The offering is being placed through a syndicate of underwriters led by Orion Securities Inc. and including FirstEnergy Capital Corp.
The deal is expected to close July 20.
Based in Calgary, Alta., Milagro is an oil and natural gas acquisition, exploration, development and production company. The proceeds from the flow-through shares will be used for exploration and development.
| Issuer: | Milagro Energy Inc.
|
| Issue: | Canadian Exploration Expense flow-through shares; Canadian Development Expense flow-through shares; common shares
|
| Amount: | C$6,850,090
|
| Underwriters: | Orion Securities Inc. (lead); FirstEnergy Capital Corp.
|
| Pricing date: | July 5
|
| Settlement date: | July 20
|
| Stock price: | C$1.25 at close July 5
|
|
|
| Canadian Exploration Expense flow-through shares
|
| Issue: | Flow-through shares
|
| Shares: | 2 million
|
| Price: | C$1.50
|
| Warrants: | No
|
|
|
| Canadian Development Expense flow-through shares
|
| Issue: | Flow-through shares
|
| Shares: | 868,000
|
| Price: | C$1.44
|
| Warrants: | No
|
|
|
| Common shares
|
| Issue: | Common stock
|
| Shares: | 2,143,000
|
| Price: | C$1.19
|
| Warrants: | No
|
|
|
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