By Devika Patel
Knoxville, Tenn., Sept. 9 - ONA Energy Inc. said it will raise C$15 million in a private placement of units.
The company will sell units of one common share and one half-share warrant at C$0.60 each.
Each full warrant is exercisable at C$0.90 for 18 months.
If ONA's common shares have a weighted average trading price of C$1.25 or higher for 20 consecutive trading days, the company may force holders to exercise their warrants.
D&D Securities Co. is the agent.
Proceeds will be used to finance the second 60-MW unit at the company's 60%-owned Yongxing power plant in the Hunan province of China and to begin the feasibility study on the third and fourth units at the power plant.
Proceeds also will be used to acquire an additional 20% interest in the power plant from one of the minority shareholders, thus increasing ONA's interest in the plant to 80%.
ONA is an energy company based in Vancouver, B.C.
| Issuer: | ONA Energy Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$15 million
|
| Price: | C$0.60
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.90
|
| Agent: | D&D Securities Co.
|
| Pricing date: | Sept. 9
|
| Stock symbol: | CNQ: OEIX
|
| Stock price: | C$0.55 at close Sept. 8
|
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