Company reduces warrant exercise period to six months from one year
By Devika Patel
Knoxville, Tenn., March 8 - Mountainview Energy Ltd. said it has amended the terms of the warrants it plans to sell in a non-brokered private placement of units. The offering priced for $2.5 million on Feb. 25.
The company is selling 2,777,778 units of one common share and one quarter-share warrant at $0.90 per unit. Each whole warrant is exercisable at $1.12, and will now be exercisable for six months. The warrants previously were exercisable for one year.
The proceeds will be used for Mountainview's exploration and early development programs in the Bakken and Three Forks Shale in the Williston Basin and the South Alberta Bakken play, future corporate and asset acquisition and farm-in opportunities and general corporate purposes.
Mountainview Energy is an oil and gas company based in Cut Bank, Mont.
| Issuer: | Mountainview Energy Ltd.
|
| Issue: | Units of one common share and a quarter-share warrant
|
| Amount: | $2.5 million
|
| Units: | 2,777,778
|
| Price: | $0.90
|
| Warrants: | One quarter-share warrant per unit
|
| Warrant expiration: | Six months
|
| Warrant strike price: | $1.12
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 25
|
| Amended: | March 8
|
| Stock symbol: | TSX Venture: MVW
|
| Stock price: | C$1.12 at close Feb. 24
|
| Market capitalization: | C$47.47 million
|
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