By Devika Patel
Knoxville, Tenn., April 4 - Open Range Energy Corp. said it raised C$25 million in a private placement of stock. The deal priced for C$20 million on March 13 and was increased to C$22.9 million with a C$2.1 million greenshoe on March 14.
The company sold 2.4 million flow-through common shares at C$5.00 per share for C$12 million.
Open Range Energy also sold 3,095,300 common shares at C$4.20 per share for C$13 million.
Of the common shares, 500,000 were part of the fully exercised C$2.1 million greenshoe.
Cormark Securities Inc. led a syndicate of underwriters for this deal which included Tristone Capital Inc., GMP Securities LP, Canaccord Capital Corp. and MGI Securities Inc.
Proceeds will be used for exploration, development and general working capital purposes.
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, common shares
|
| Amount: | C$25 million
|
| Warrants: | No
|
| Underwriters: | Cormark Securities Inc. (lead), Tristone Capital Inc., GMP Securities LP, Canaccord Capital Corp., MGI Securities Inc.
|
| Pricing date: | March 13
|
| Upsized: | March 14
|
| Settlement date: | April 4
|
| Stock symbol: | Toronto: ONR
|
| Stock price: | C$4.19 at close March 13
|
|
|
| Flow-through common shares
|
| Amount: | C$12 million
|
| Shares: | 2.4 million
|
| Price: | C$5.00
|
|
|
| Common shares
|
| Amount: | C$13,000,260 (including C$2.1 million greenshoe)
|
| Shares: | 3,095,300
|
| Price: | C$4.20
|
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