By Devika Patel
Knoxville, Tenn., Sept. 25 - Arapahoe Energy Corp. announced it plans a private placement of stock to raise up to C$10 million.
The company plans to sell up to 80,000,000 flow through common shares at C$0.125 apiece.
The company may pay finder's fees on certain portions of this deal.
On Sept. 25, the company announced that it intended to sell up to $3.4 million in non-flow through common shares at C$0.125 apiece and up to C$5.6 million in flow-through common shares at C$0.14 per share in two separate placements.
Proceeds will be used by First West Petroleum Inc., which Arapahoe plans to acquire, to develop its properties and will also be used by Arapahoe to explore its oil and gas properties.
Arapahoe is an oil and gas company based in Calgary, Alta., which focuses on enhancing its asset base through continued land acquisitions, seismic programs, exploratory and development drilling on its existing properties.
| Issuer: | Arapahoe Energy Corp.
|
| Issue: | Flow through common shares
|
| Amount: | C$10 million (maximum)
|
| Shares: | 80,000,000 (maximum)
|
| Price: | C$0.125
|
| Warrants: | No
|
| Pricing date: | Oct. 19
|
| Stock symbol: | TSX Venture: AAO
|
| Stock price: | C$0.10 at close Oct. 19
|
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