Oil company sold units of common shares, warrants at C$0.065 apiece
By Devika Patel
Knoxville, Tenn., March 10 - Atikwa Resources Inc. said it settled a private placement of units. The deal priced for C$1 million on Feb. 16 and raised C$1.82 million.
The company sold 27,934,540 units of a common share and a warrant at C$0.065 per unit. Each warrant is exercisable at C$0.10 for one year. The strike price reflects a 53.85% premium to the Feb. 15 closing share price of C$0.065.
Proceeds will be used for development drilling in the company's two core light oil resource plays, to pursue potential land and corporate acquisitions and for general corporate purposes.
The oil company is based in Calgary, Alta.
| Issuer: | Atikwa Resources Inc.
|
| Issue: | Units of a common share and a warrant
|
| Amount: | C$1,815,745
|
| Units: | 27,934,540
|
| Price: | C$0.065
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.10
|
| Pricing date: | Feb. 16
|
| Settlement date: | March 10
|
| Stock symbol: | TSX Venture: ATK
|
| Stock price: | C$0.065 at close Feb. 15
|
| Market capitalization: | C$13.56 million
|
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