Offering finances exploration, development, drilling, working capital
By Devika Patel
Knoxville, Tenn., Aug. 31 - Wind River Energy Corp. said it settled the first C$2.12 million tranche of a C$3.3 million non-brokered private placement of units. The oversubscribed deal priced Aug. 16 and was increased from C$3 million on Aug. 17.
The company is selling units of one common share and one warrant at C$0.35 per unit, with each one-year warrant exercisable at C$0.70. The warrant strike price originally was C$0.46. Wind River sold 6,058,143 units in the first tranche.
The strike price reflects a 75% premium to the Aug. 15 closing share price of C$0.40.
CIBC Wood Gundy was a finder for a portion of the deal.
Proceeds will be used for exploration, development and drilling programs on the company's properties, as well as for general working capital.
Wind River Energy is a natural gas and oil acquisition and development company based in Vancouver, B.C.
| Issuer: | Wind River Energy Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$3.3 million
|
| Price: | C$0.35
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.70
|
| Agent: | Non-brokered
|
| Pricing date: | Aug. 16
|
| Upsized: | Aug. 17
|
| Settlement date: | Aug. 31 (for C$2,120,350)
|
| Stock symbol: | TSX Venture: WVR
|
| Stock price: | C$0.43 at close Aug. 16
|
| Market capitalization: | C$17.84 million
|
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