By Laura Lutz
Des Moines, Oct. 23 - Open Range Energy Corp. arranged a private placement for C$7.5 million.
The company agreed to sell 2.113 million shares at C$3.55 each through an underwriting syndicate led by Sprott Securities Inc. and including GMP Securities LP, Paradigm Capital Inc., Tristone Capital Inc., Acumen Capital Finance Partners Ltd. and Haywood Securities Inc.
Sprott Securities also received an over-allotment option for 211,300 shares, for additional proceeds of C$750,000.
Settlement is expected on Nov. 9, subject to regulatory approval and completion of definitive documentation.
Proceeds will be used for the company's ongoing exploration and development.
Open Range is an oil and natural gas company based in Calgary, Alta.
| Issuer: | Open Range Energy Corp.
|
| Issue: | Stock
|
| Amount: | C$7.5 million
|
| Shares: | 2.113 million
|
| Greenshoe: | 211,300 shares
|
| Price: | C$3.55
|
| Warrants: | No
|
| Underwriters: | Sprott Securities Inc. (lead), GMP Securities LP, Paradigm Capital Inc., Tristone Capital Inc., Acumen Capital Finance Partners Ltd. and Haywood Securities Inc.
|
| Pricing date: | Oct. 23
|
| Settlement date: | Nov. 9
|
| Stock symbol: | Toronto: ONR
|
| Stock price: | C$3.55 at close Oct. 20
|
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