Non-brokered deal raises funding for development, exploration drilling
By Devika Patel
Knoxville, Tenn., Sept. 23 - Suroco Energy Inc. said it could now sell up to 29,333,333 common shares in a non-brokered private placement. The deal priced for C$10 million on Sept. 9.
The company is selling the shares at C$0.45 per share for up to C$13.2 million. The per-share price represents a 19.64% discount to the Sept. 8 closing share price of C$0.56.
Settlement is expected Sept. 27.
Proceeds will be used for development and exploration drilling in Colombia and general corporate purposes.
Based in Calgary, Alta., Suroco is an oil and natural gas exploration company.
| Issuer: | Suroco Energy Inc.
|
| Issue: | Common shares
|
| Amount: | C$13.2 million
|
| Price: | C$0.45
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Sept. 9
|
| Upsized: | Sept. 23
|
| Settlement date: | Sept. 27
|
| Stock symbol: | TSX Venture: SRN
|
| Stock price: | C$0.56 at close Sept. 8
|
| Market capitalization: | C$47.15 million
|
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