Non-brokered deal sells flow-through common stock to fund exploration
By Devika Patel
Knoxville, Tenn., Nov. 2 - Tuscany Energy Ltd. said it is conducting a non-brokered private placement of stock.
The company will sell 8 million flow-through shares at C$0.15 apiece for C$1.2 million. The price per share represents a 15.39% premium to C$0.13, the Nov. 1 closing share price.
Humboldt Capital Corp. has agreed to invest up to C$500,000, or 3.3 million shares.
Settlement is expected Nov. 15.
Proceeds will be used for exploration programs in Manitoba.
Tuscany is an oil and gas company based in Calgary, Alta.
| Issuer: | Tuscany Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$1.2 million
|
| Shares: | 8 million
|
| Price: | C$0.15
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Investor: | Humboldt Capital Corp. (for up to C$500,000)
|
| Pricing date: | Nov. 2
|
| Settlement date: | Nov. 15
|
| Stock symbol: | TSX Venture: TUS
|
| Stock price: | C$0.135 at close Nov. 2
|
| Market capitalization: | C$7.46 million
|
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