Offering sells flow-through common shares at C$0.45, C$0.40 per share
By Devika Patel
Knoxville, Tenn., May 4 – Traverse Energy Ltd. said it plans a C$3 million private placement of stock.
The company will sell 2,533,333 Canadian exploration expense flow-through common shares at C$0.45 apiece, a 9.76% premium to the May 3 closing share price of C$0.41.
Traverse Energy also will sell 4.65 million Canadian development expenses flow-through common shares at C$0.40 each, a 2.44% discount to the May 3 closing share price.
The deal will be conducted on a reasonable commercial efforts basis by Acumen Capital Finance Partners Ltd.
Settlement is expected May 27.
Proceeds will be used for expenditures on the company’s oil and gas properties.
Traverse Energy, based in Calgary, Alta., is a junior oil and gas exploration and production company.
| Issuer: | Traverse Energy Ltd.
|
| Issue: | Canadian exploration expense flow-through common shares, Canadian development expenses flow-through common shares
|
| Amount: | C$3 million
|
| Warrants: | No
|
| Underwriters: | Acumen Capital Finance Partners Ltd.
|
| Pricing date: | May 4
|
| Settlement date: | May 27
|
| Stock symbol: | TSX Venture: TVL
|
| Stock price: | C$0.41 at close May 3
|
| Market capitalization: | C$29.14 million
|
|
|
| Canadian exploration expense flow-through common stock
|
| Amount: | C$1.14 million
|
| Shares: | 2,533,333
|
| Price: | C$0.45
|
|
|
| Canadian development expenses flow-through stock
|
| Amount: | C$1.86 million
|
| Shares: | 4.65 million
|
| Price: | C$0.40
|
|
|
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