By Devika Patel
Knoxville, Tenn., June 2 - Torquay Oil Corp. said it plans a C$12.01 million private placement of subscription receipts. The deal was announced April 30.
The company will sell the receipts at C$1.05 apiece on a reasonable commercial efforts basis.
Each receipt will convert into one class A share.
The deal will be conducted via a syndicate of agents co-led by Canaccord Genuity Corp. and GMP Securities LP and including Acumen Capital Finance Partners Ltd.
Settlement is expected June 29.
Proceeds will be used to finance the company's planned acquisition of oil producing facilities and prospective lands in Saskatchewan and for general corporate purposes.
Based in Calgary, Alta., Torquay is an oil and natural gas exploration company.
| Issuer: | Torquay Oil Corp.
|
| Issue: | Subscription receipts
|
| Amount: | C$12,012,000
|
| Price: | C$1.05
|
| Warrants: | No
|
| Agent: | Canaccord Genuity Corp. and GMP Securities LP (co-leads), Acumen Capital Finance Partners Ltd.
|
| Pricing date: | June 2
|
| Settlement date: | June 29
|
| Stock symbol: | TSX Venture: TOC.A
|
| Stock price: | C$1.30 at close June 2
|
| Market capitalization: | C$14.1 million
|
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