By Devika Patel
Knoxville, Tenn., June 9 - Birchcliff Energy Ltd. said it plans a C$12.4 million private placement of stock with Seymour Schulich. It also arranged a C$49.6 million public offering of stock.
In the private placement, the company will sell 2 million common shares at C$6.20 per share.
Settlement is expected on June 30.
Proceeds will be used to pay down debt and for the company's capital program.
Based in Calgary, Alta., Birchcliff is an oil and natural gas exploration company.
| Issuer: | Birchcliff Energy Ltd.
|
| Issue: | Common shares
|
| Amount: | C$12.4 million
|
| Shares: | 2 million
|
| Price: | C$6.20
|
| Warrants: | No
|
| Investor: | Seymour Schulich
|
| Pricing date: | June 9
|
| Settlement date: | June 30
|
| Stock symbol: | Toronto: BIR
|
| Stock price: | C$6.45 at close June 8
|
| Market capitalization: | C$744 million
|
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