By Devika Patel
Knoxville, Tenn., May 6 - ONA Energy Inc. said it is increasing a non-brokered private placement of units to C$6 million. The deal priced April 15 for C$3.5 million, and the company will take in C$3.18 million in the first tranche on Wednesday, with the balance to settle on Monday.
The company now intends to sell 10 million units at C$0.60 each. It originally planned to sell 5,833,333 units.
Each unit will consist of one common share and one warrant. Each warrant is exercisable at C$0.75 for one year.
Proceeds will be used for buying fuel to begin operations at the YPPC facility, as well as to pay interest on debt and for other general working capital items.
ONA is an energy company based in Vancouver, B.C.
| Issuer: | ONA Energy Inc.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$6 million
|
| Shares: | 10 million
|
| Price: | C$0.60
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.75
|
| Agent: | Non-brokered
|
| Pricing date: | April 15
|
| Amended: | May 6
|
| Settlement date: | May 7 (for C$3,184,800), May 12
|
| Stock symbol: | CNQ: OEIX
|
| Stock price: | C$0.65 at close April 21
|
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