Brokered offering has C$303,750 greenshoe; proceeds fund exploration
By Devika Patel
Knoxville, Tenn., April 24 - Arsenal Energy Inc. said it has arranged a C$2.03 million private placement of stock with a C$303,750 greenshoe through underwriter Casimir Capital Ltd.
The company will sell 3.75 million flow-through common shares at C$0.54 per share on a bought-deal basis. The price per share reflects a 12.5% premium to the April 23 closing share price of C$0.48.
Settlement is expected May 8.
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$2,025,000
|
| Greenshoe: | C$303,750
|
| Shares: | 3.75 million
|
| Price: | C$0.54
|
| Warrants: | No
|
| Underwriter: | Casimir Capital Ltd.
|
| Pricing date: | April 24
|
| Settlement date: | May 8
|
| Stock symbol: | Toronto: AEI
|
| Stock price: | C$0.48 at close April 23
|
| Market capitalization: | C$69.06 million
|
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