By Sheri Kasprzak
New York, Dec. 8 - Birchcliff Energy Ltd. said it has arranged a private placement for C$7,736,496.
The company plans to sell a total of 848,300 flow-through shares at C$9.12 each.
Of the shares, 300,000 will be sold to insiders of the company.
A syndicate of underwriters led by GMP Securities LP and including Sprott Securities Ltd., Raymond James Ltd. and MGI Securities has an over-allotment option for up to C$5 million.
The deal is scheduled to close Dec. 22.
Proceeds will be used for exploration and development expenses.
Based in Calgary, Alta., Birchcliff is an oil and natural gas exploration company.
| Issuer: | Birchcliff Energy Ltd.
|
| Issue: | Flow-through shares
|
| Amount: | C$7,736,496
|
| Greenshoe: | For up to C$5 million
|
| Shares: | 848,300
|
| Price: | C$9.12
|
| Warrants: | No
|
| Underwriters: | GMP Securities LP, Sprott Securities Ltd., Raymond James Ltd., MGI Securities
|
| Pricing date: | Dec. 8
|
| Settlement date: | Dec. 22
|
| Stock price: | C$7.30 at close Dec. 7
|
|
|
© 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.
