By Sheri Kasprzak
Atlanta, April 18 - Western Lakota Energy Services Inc. said it plans to raise C$25.2 million in a private placement.
The offering includes 4.8 million subscription receipts at C$5.25 each.
Each subscription receipt is exchangeable for one common share upon the completion of the company's acquisition of Hemsing Drilling Ltd. The acquisition is expected to close May 17.
The private placement, which is being offered to investors in Alberta, British Columbia, Ontario and Quebec, is expected to close May 5.
The offering is being placed through a syndicate of underwriters led by Peters & Co. Ltd. and including First Associates Investments Inc. and Orion Securities Inc.
Based in Calgary, Western Lakota is an oil and natural gas drilling contractor. It plans to use the proceeds from the private placement to partially fund the company's acquisition of Hemsing.
| Issuer: | Western Lakota Energy Services Inc.
|
| Issue: | Subscription receipts exchangeable for common shares
|
| Amount: | C$25.2 million
|
| Receipts: | 4.8 million
|
| Price: | C$5.25
|
| Warrants: | No
|
| Underwriters: | Peters & Co. Ltd. (lead); First Associates Investments Inc.; Orion Securities Inc.
|
| Pricing date: | April 15
|
| Settlement date: | May 5
|
| Stock price: | C$5.47 at close April 15
|
|
|
© 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.
