By Sheri Kasprzak
Atlanta, Jan. 21 - Western Lakota Energy Services Inc. plans to raise C$25.3 million in a private placement of shares.
The company will sell 5.5 million shares at C$4.60 each.
The shares sold in the private placement are subject to a four-month hold.
The deal is being offered to investors in British Columbia, Alberta and Ontario and is expected to close Feb. 8.
The offering is being conducted through a syndicate of underwriters led by Peters & Co. Ltd. and including First Associates Investments Inc.
Based in Calgary, Western Lakota is an oil and natural gas drilling contractor. It plans to use the proceeds from the deal to partially fund Western Lakota's 2005 capital expenditure program. The remainder will be used for general corporate purposes.
| Issuer: | Western Lakota Energy Services Inc.
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| Issue: | Stock
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| Amount: | C$25.3 million
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| Shares: | 5.5 million
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| Price: | C$4.60
|
| Warrants: | No
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| Underwriters: | Peters & Co. Ltd. (lead); First Associates Investments Inc.
|
| Pricing date: | Jan. 20
|
| Settlement date: | Feb. 8
|
| Stock price: | C$4.80 at close Jan. 20
|
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