By Sheri Kasprzak
Atlanta, Feb. 10 - Orleans Energy Ltd. said it will head to the private placement market with a C$12 million offering of stock.
The deal includes 4 million shares at C$3 each.
The offering is being placed through a syndicate of underwriters led by GMP Securities Ltd. and including Peters & Co. Ltd. and Tristone Capital Inc. The underwriters have an over-allotment option for an additional 666,667 shares for an additional C$2 million.
The deal is scheduled to close Feb. 24.
Based in Calgary, Alta., Orleans is an oil and natural gas company. It plans to use the proceeds from the private placement for its 2005 capital budget activities on the recently acquired Halkirk properties. The remainder will be used for general corporate purposes.
| Issuer: | Orleans Energy Ltd.
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| Issue: | Stock
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| Amount: | C$12 million
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| Shares: | 4 million
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| Price: | C$3.00
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| Warrants: | No
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| Greenshoe: | For 666,667 shares or C$2 million
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| Underwriters: | GMP Securities Ltd. (lead); Peters & Co. Ltd.; Tristone Capital Inc.
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| Pricing date: | Feb. 10
|
| Settlement date: | Feb. 24
|
| Stock price: | C$3.03 at close Feb. 9
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