By Devika Patel
Knoxville, Tenn., June 18 - Torquay Oil Corp. said it amended the terms of a C$12.01 million private placement of subscription receipts. The deal was announced on April 30 and priced June 2.
The company will sell the receipts at C$1.05 apiece on a reasonable commercial efforts basis.
Each receipt will now convert into one class A share and a half-share warrant, with each whole warrant exercisable at C$1.40 for one year. Originally, the receipts only were to convert into stock.
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 on 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: | One half-share warrant upon conversion
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$1.40
|
| Agent: | Canaccord Genuity Corp. and GMP Securities LP (co-leads), Acumen Capital Finance Partners Ltd.
|
| Pricing date: | June 2
|
| Amended: | June 18
|
| 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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