By Devika Patel
Knoxville, Tenn., Dec. 31 - Arapahoe Energy Corp. said it raised C$17.89 million in two private placements of units and shares. It took in about C$12.78 million from the shares sale and C$5.1 million from the units.
The stock sale priced on Oct. 19 for up to C$10 million and was lifted on Dec. 7 to C$14 million. The company priced the units deal for C$8 million on Dec. 7 as well.
Arapahoe sold 102.2 million flow-through common shares at C$0.125 apiece. When the deal was revised, the company planned to sell up to 112 million shares at that price. It originally intended to sell 80 million shares.
The company also sold 40,911,600 units at C$0.125 apiece. It originally intended to sell up to 64 million units at that price. Each unit consists of one common share and one warrant, exercisable at C$0.20 for one year.
Trapeze Capital Corp. and Trapeze Asset Management Inc. bought 40 million of the shares and 32 million of the units, for C$9 million.
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. The company said it plans to change its name to Canadian Phoenix Resources Corp. by the middle of January.
| Issuer: | Arapahoe Energy Corp.
|
| Amount: | C$17,888,951
|
| Settlement date: | Dec. 31
|
|
|
| Shares sale
|
| Issue: | Flow-through common shares
|
| Amount: | C$12,775,001
|
| Shares: | 102.2 million
|
| Price: | C$0.125
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investors: | Trapeze Capital Corp. and Trapeze Asset Management Inc. (for C$5 million)
|
| Pricing date: | Oct. 19
|
| Stock symbol: | TSX Venture: AAO
|
| Stock price: | C$0.10 at close Oct. 19
|
|
|
| Units sale
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$5,113,950
|
| Units: | 40,911,600
|
| Price: | C$0.125
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.20
|
| Investors: | Trapeze Capital Corp. and Trapeze Asset Management Inc. (for C$4 million)
|
| Pricing date: | Dec. 7
|
| Stock symbol: | TSX Venture: AAO
|
| Stock price: | C$0.10 at close Dec. 7
|
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