By Sheri Kasprzak
Atlanta, Nov. 9 - Birchcliff Energy Ltd. said Tuesday it plans to enter the private placement market with a C$48 million offering as part of an arm's-length merger with Scout Capital Corp.
Birchcliff plans to issue up to 16 million shares and subscription receipts at C$3.
A syndicate of financial advisers led by GMP Securities Ltd. and including Sprott Securities Ltd. and Canaccord Capital Corp. will act as placement agents in the deal on a best-efforts basis.
Birchcliff is a Calgary, Alta.-based private oil and gas company. Scout is a Calgary-based merchant and investment bank.
Scout's stock closed at $0.30 Nov. 4, its last trade.
| Issuer: | Birchcliff Energy Ltd.
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| Issue: | Stock and subscription receipts
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| Amount: | C$48 million
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| Shares: | 16 million
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| Price: | C$3
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| Warrants: | No
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| Placement agent: | GMP Securities Ltd. (lead); Sprott Securities Ltd.; Canaccord Capital Corp.
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| Announcement date: | Nov. 9
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