By Devika Patel
Knoxville, Tenn., Feb. 17 - Axea Capital Corp. said it plans to conduct a C$2 million private placement of units.
The company will sell 8 million units of one common share and a half-share warrant at C$0.25 apiece. Each whole warrant will be exercisable at C$0.35 for one year.
Proceeds will be used to finance the company's proposed business combination with Propel Energy Corp., develop the resulting issuer's oil and gas properties and for general working capital purposes.
The capital pool company is based in Vancouver, B.C.
| Issuer: | Axea Capital Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2 million
|
| Units: | 8 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.35
|
| Pricing date: | Feb. 17
|
| Stock symbol: | TSX Venture: XEA.P
|
| Stock price: | C$0.20 at close Feb. 16
|
| Market capitalization: | C$1.2 million
|
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