By Sheri Kasprzak
New York, Dec. 8 - Stoneham Drilling Trust completed a private placement for C$42,000,750.
The company issued 1,866,700 trust units at C$22.50 apiece through a syndicate of underwriters led by FirstEnergy Capital Corp.
The syndicate also included Raymond James Ltd. and Peters & Co. Ltd.
Proceeds from the deal will be used for working capital for its operating subsidiary Stoneham Drilling LP and for the construction of five new drilling rigs.
Based in Calgary, Alta., Stoneham provides drilling services to oil and natural gas exploration and development companies.
| Issuer: | Stoneham Drilling Trust
|
| Issue: | Trust units
|
| Amount: | C$42,000,750
|
| Trust units: | 1,866,700
|
| Price: | C$22.50
|
| Warrants: | No
|
| Underwriters: | FirstEnergy Capital Corp. (lead); Raymond James Ltd.; Peters & Co. Ltd.
|
| Settlement date: | Dec. 8
|
| Stock price: | C$24.74 at close Dec. 7
|
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