By Sheri Kasprzak
New York, Oct. 16 - Watch Resources Ltd. negotiated a private placement for up to C$18 million and at least C$10 million.
The offering includes up to 90 million subscription receipts and at least 50 million at C$0.20 each.
The subscription receipts are exchangeable on a one-for-one basis for common stock once Watch completes its amalgamation with Energy 51 Inc.
J.F. Mackie & Co. is the placement agent for the offering, which is scheduled to close Nov. 2.
Under the amalgamation, Watch and Energy 51 will form one company called Watch Resources Ltd. The amalgamation is scheduled to wrap up on Dec. 15.
Calgary, Alta.-based Watch is an oil and natural gas exploration company.
| Issuer: | Watch Resources Ltd.
|
| Issue: | Subscription receipts exchangeable for common stock
|
| Amount: | C$18 million (maximum); C$10 million (minimum)
|
| Receipts: | 90 million (maximum); 50 million (minimum)
|
| Price: | C$0.20
|
| Warrants: | No
|
| Placement agent: | J.F. Mackie & Co.
|
| Pricing date: | Oct. 16
|
| Settlement date: | Nov. 2
|
| Stock symbol: | TSX Venture: WR
|
| Stock price: | C$0.21 at close Oct. 16
|
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