By Sheri Kasprzak
New York, Aug. 24 - TG World Energy Corp. said the over-allotment option on its previously announced private placement was exercised, bringing the total proceeds from the deal to C$22,731,360.
The company sold 18,942,800 units at C$1.20 each, including the greenshoe for 4,166,667 units exercised by a syndicate of agents led by Tristone Capital Inc. and Canaccord Capital Corp.
The syndicate also included Jennings Capital Inc.
The units consist of one share and one half-share warrant. The whole warrants are exercisable at C$1.50 each for one year.
The deal priced on July 11 as a C$15 million offering of 12.5 million units.
Proceeds will be used for ongoing exploration of oil and gas assets in Alaska and Niger. The rest will be used for general corporate purposes.
Calgary, Alta.-based TG World is an oil and natural gas exploration and development company.
| Issuer: | TG World Energy Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$22,731,360
|
| Units: | 18,942,800 (includes greenshoe for 4,166,667 units)
|
| Price: | C$1.20
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.50
|
| Placement agents: | Tristone Capital Inc. (lead), Canaccord Capital Corp. (lead), Jennings Capital Inc.
|
| Pricing date: | July 11
|
| Settlement date: | Aug. 24
|
| Stock symbol: | TSX Venture: TGE
|
| Stock price: | C$1.24 at close July 11
|
| Stock price: | C$1.92 at close Aug. 24
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