By Sheri Kasprzak
Atlanta, Nov. 2 - Arsenal Energy Inc. said Tuesday it will enter the private placement market with a C$3 million offering.
The company will issue up to 4 million units of one common flow-through share and one share purchase warrant at C$0.75 per unit. The warrants are exercisable for five years for an additional share at C$1.
Wellington West Capital Inc. will act as placement agent in the deal.
The company also said Tuesday it will grant 550,000 stock options to directors and senior officers of the company. Each option allows for the purchase of one share at C$0.59 for five years.
Based in Calgary, Alta., Arsenal is an oil and gas exploration company.
| Issuer: | Arsenal Energy Inc.
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| Issue: | Units of one common flow-through share and one warrant
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| Amount: | C$3 million
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| Shares: | 4 million units
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| Price: | C$0.75 per unit
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| Warrants: | One warrant per unit
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| Warrant expiration: | Five years
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| Warrant strike price: | C$1
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| Placement agent: | Wellington West Capital Inc.
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| Announcement date: | Nov. 2
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| Stock price: | C$0.67 at close Nov. 2
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