By Devika Patel
Knoxville, Tenn., Sept. 3 - Arsenal Energy Inc. said it took in C$3.5 million in a private placement of stock via agent Emerging Equities Inc. The deal priced for C$3 million Aug. 24.
The company sold 8.75 million flow-through common shares at C$0.40 per share.
Proceeds will be used for exploration.
Arsenal is an oil and gas company based in Calgary, Alta.
| Issuer: | Arsenal Energy Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$3.5 million
|
| Shares: | 8.75 million
|
| Price: | C$0.40
|
| Warrants: | No
|
| Agent: | Emerging Equities Inc.
|
| Pricing date: | Aug. 24
|
| Settlement date: | Sept. 3
|
| Stock symbol: | Toronto: AEI
|
| Stock price: | C$0.38 at close Aug. 21
|
| Market capitalization: | C$39 million
|
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