By Sheri Kasprzak
New York, Nov. 7 - Opti Canada Inc. negotiated a private placement of flow-through stock for C$40,093,800.
The company plans to sell 840,000 flow-through shares at C$22.80 each, and insiders of the company intend to buy another 918,500 shares at the same price. The price per share represents a 26.73% premium to the company's C$17.99 closing stock price Monday.
The deal is set to close Nov. 22.
The placement is being conducted through a syndicate of underwriters led by Tristone Capital Inc. and including CIBC World Markets, FirstEnergy Capital Corp., Genuity Capital Markets, Peters & Co. Ltd. and Richardson Partners Financial Ltd.
Proceeds will be used for Canadian exploration expenses on the company's oil sands leases in the Athabasca basin of Alberta.
Calgary, Alta.-based Opti develops oil sands projects.
| Issuer: | Opti Canada Inc.
|
| Issue: | Flow-through shares
|
| Amount: | C$40,093,800
|
| Shares: | 1,758,500
|
| Price: | C$22.80
|
| Warrants: | No
|
| Underwriters: | Tristone Capital Inc. (lead), CIBC World Markets, FirstEnergy Capital Corp., Genuity Capital Markets, Peters & Co. Ltd., Richardson Partners Financial Ltd.
|
| Pricing date: | Nov. 7
|
| Settlement date: | Nov. 22
|
| Stock symbol: | Toronto: OPC
|
| Stock price: | C$17.99 at close Nov. 6
|
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