By Devika Patel
Knoxville, Tenn., Dec. 5 - Open Range Energy Corp. said it plans a private placement of stock to raise C$5 million.
The company will sell 1,449,300 flow-through common shares at C$3.45 per share.
Cormark Securities Inc. will lead a syndicate of underwriters for this deal. The underwriters have a greenshoe for an additional 579,800 shares, or C$2 million.
Proceeds will be used for exploration and development. The deal is expected to settle on Dec. 20
Based in Calgary, Alta., Open Range Energy is an oil and natural gas exploration company..
| Issuer: | Open Range Energy Corp.
|
| Issue: | Flow-through common shares
|
| Amount: | C$5 million
|
| Shares: | 1,449,300
|
| Greenshoe: | 579,800 shares, or C$2 million
|
| Price: | C$3.45
|
| Warrants: | No
|
| Underwriters: | Cormark Securities Inc. (lead)
|
| Pricing date: | Dec. 5
|
| Settlement date: | Dec. 20
|
| Stock symbol: | Toronto: ONR
|
| Stock price: | C$2.85 at close Dec. 4
|
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