Deal's proceeds fund company's financial commitments, working capital
By Devika Patel
Knoxville, Tenn., May 2 - Terrace Energy Corp. said it plans a C$10 million non-brokered private placement of stock.
The company will sell 10 million common shares at C$1.00 apiece, which is a 20% discount to the May 1 closing share price of C$1.25.
Proceeds will be used for financial commitments and for general working capital purposes.
Terrace is an oil and gas explorer based in Vancouver, B.C.
| Issuer: | Terrace Energy Corp.
|
| Issue: | Common shares
|
| Amount: | C$10 million
|
| Shares: | 10 million
|
| Price: | C$1.00
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | May 2
|
| Stock symbol: | TSX Venture: TZR
|
| Stock price: | C$1.25 at close May 1
|
| Market capitalization: | C$68.8 million
|
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