By Devika Patel
Knoxville, Tenn., Dec. 7 - Arapahoe Energy Corp. said it was changing the terms of a previously announced non-brokered private placement of stock in which it will raise C$14 million. The company originally planned to raise up to C$10 million when the deal priced on Oct. 19.
It also said it will raise C$8 million in a private placement of units.
The company now plans to sell up to 112 million flow-through common shares at C$0.125 apiece. It originally intended to sell 80 million shares at that price.
The company may pay finder's fees on certain portions of this deal.
The company also announced that it will sell up to 64 million units at C$0.125 apiece. Each unit consists of one common share and one warrant, exercisable at C$0.20 for one year.
Proceeds from the shares sale 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.
The proceeds raised in the units offering will be used for project development, acquisitions and general working capital.
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.
Shares sale
Issuer: | Arapahoe Energy Corp.
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Issue: | Flow-through common shares
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Amount: | C$14 million
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Shares: | 112 million
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Price: | C$0.125
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Warrants: | No
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Agent: | Non-brokered
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Pricing date: | Oct. 19
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Stock symbol: | TSX Venture: AAO
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Stock price: | C$0.10 at close Oct. 19
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Units sale
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Issuer: | Arapahoe Energy Corp.
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Issue: | Units of one common share and one warrant
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Amount: | C$8 million
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Units: | 64 million
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Price: | C$0.125
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.20
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Pricing date: | Dec. 7
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Stock symbol: | TSX Venture: AAO
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Stock price: | C$0.10 at close Dec. 7
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