By Devika Patel
Knoxville, Tenn., Sept. 25 - Arapahoe Energy Corp. announced it plans two private placements of stock to raise up to C$9 million. The deals were announced in a press release detailing the company's planned acquisition of First West Petroleum Inc.
In the first placement, the company plans to sell up to C$3.4 million non flow-through common shares at C$0.125 apiece, which would equal up to 27,200,000 shares.
An additional placement of up to C$5.6 million flow-through common shares at C$0.14 per share, equal to 40,000,000 shares, is planned as well.
Proceeds of the first deal will be used by First West to develop its properties. Proceeds of the second deal will be used by Arapahoe to explore its oil and gas properties.
Arapahoe is an oil and gas company based in Calgary, Alta.
| Issuer: | Arapahoe Energy Corp.
|
| Issue: | Non flow-through common shares (first placement); flow-through common shares (second placement)
|
| Amount: | C$9 million (total)
|
| Warrants: | No
|
| Pricing date: | Sept. 25
|
| Stock symbol: | TSX Venture: AAO
|
| Stock price: | C$0.095 at close Sept. 24
|
|
|
| Non flow-through shares
|
| Amount: | C$3.4 million (maximum)
|
| Shares: | 27,200,000 (maximum)
|
| Price: | C$0.125
|
|
|
| Flow-through shares
|
| Amount: | C$5.6 million (maximum)
|
| Shares: | 40,000,000 (maximum)
|
| Price: | C$0.14
|
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