By Devika Patel
Knoxville, Tenn., Aug. 30 - WaveForm Energy Ltd. announced it is proceeding with a new private placement of units for C$5.005 million.
The company plans to sell up to 45.5 million units of one class A share and one warrant at C$0.11 per unit. Each warrant will be exercisable for one flow-through class A share at C$0.12 until Dec. 31, 2008.
The securities have a four-month hold period.
Proceeds will be used for exploration.
Previously Waveform had planned a private placement of units for C$2.2 million. The company had intended to sell up to 20 million units of one class A share and one warrant at C$0.11 per unit. Each warrant would have been exercisable for one flow-through class A share at C$0.12. The warrants would have been exercisable one year after issuance and expire one year later. A concurrent rights offering would have brought the total financing to C$4.46 million.
WaveForm is an oil and gas exploration and development company based in Calgary, Alta.
| Issuer: | WaveForm Energy Ltd.
|
| Issue: | Units of one class A share and one class A flow-through warrant
|
| Amount: | C$5.005 million
|
| Units: | 45.5 million
|
| Price: | C$0.11
|
| Warrants: | One per unit
|
| Warrant expiration: | Dec. 31, 2008
|
| Warrant strike price: | C$0.12
|
| Pricing date: | Aug. 30
|
| Stock symbol: | TSX Venture: WE.A
|
| Stock price: | C$0.085 at close Aug. 30
|
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