By Sheri Kasprzak
New York, Feb. 8 - Open Range Resources Ltd. has concluded a private placement for C$3,084,500.
The company issued 10,315,000 non flow-through shares at C$0.20 each and 4,086,000 flow-through shares at C$0.25 each.
The company intends to close the remainder of the placement, for up to 2.13 million additional shares, on Feb. 10.
The offering was conducted as part of Open Range's agreement to combine its assets with Open Range Capital Corp. and Siga Resources Ltd.
Under the agreement terms, each Siga shareholder will receive C$0.20 in cash from Open Range Resources for each Siga share. Siga will become a wholly owned subsidiary of Open Range Resources.
Each Open Range Resources shareholder will receive one share of Open Range Capital for every share of Open Range Resources, making Open Range Resources a wholly owned subsidiary of Open Range Capital.
The arrangement is slated to close on March 29.
Based in Calgary, Alta., Open Range Resources is an oil and natural gas exploration company.
| Issuer: | Open Range Resources Ltd.
|
| Issue: | Flow-through and non flow-through shares
|
| Amount: | C$3,084,500
|
| Settlement date: | Feb. 8
|
| Stock symbol: | TSX Venture: RGE (for Open Range Capital)
|
| Stock price: | C$0.22 at close Feb. 8
|
|
|
| Flow-through shares
|
| Shares: | 4,086,000
|
| Price: | C$0.25
|
| Warrants: | No
|
|
|
| Non flow-through shares
|
| Shares: | 10,315,000
|
| Price: | C$0.20
|
| Warrants: | No
|
|
|
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