Proceeds help acquire Kayuco for $3 million cash, 10 million shares
By Devika Patel
Knoxville, Tenn., May 2 - Westbridge Energy Corp. said it settled a C$4 million non-brokered private placement of subscription receipts. The deal priced for between C$2 million and C$4 million on April 16. Primary Capital Inc. was paid a finder's fee.
The company sold 16 million receipts at C$0.25 apiece.
Each receipt will be exchangeable for one unit of a common share and one half-share warrant. The whole warrants will be exercisable at C$0.45 for 18 months.
The strike price reflects a 95.65% premium to the April 13 closing share price of C$0.23.
Proceeds of the placement will be used for the cash consideration payable in connection with the company's acquisition of Kayuco Universal Ltd. as well as initial work commitments, including mapping and delineating targets and reprocessing of available seismic lines available on the block. The company plans to acquire Kayuco for 10 million company common shares at a deemed issue price of C$0.20 per share and a cash payment of $3 million.
Westbridge is an oil and natural gas exploration and production company in Vancouver, B.C.
| Issuer: | Westbridge Energy Corp.
|
| Issue: | Subscription receipts convertible into units of a common share and one half-share warrant
|
| Amount: | C$4 million
|
| Receipts: | 16 million
|
| Price: | C$0.25
|
| Warrants: | One half-share warrant per unit upon conversion
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.45
|
| Agent: | Non-brokered
|
| Pricing date: | April 16
|
| Settlement date: | May 2
|
| Stock symbol: | TSX Venture: WEB
|
| Stock price: | C$0.23 at close April 13
|
| Market capitalization: | C$14.91 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
