Brokered, non-brokered deals sell warrants at C$0.29, shares at C$0.34
By Devika Patel
Knoxville, Tenn., Sept. 25 – Blackbird Energy Inc. said it increased its private placement of flow-through shares and special warrants to C$37.41 million from C$35.46 million. The deal priced on Sept. 22.
The company will sell 105,020,800 special warrants at C$0.29 apiece, a 14.71% discount to the Sept. 19 closing share price of C$0.34. The warrants will each be convertible into a common share.
Blackbird will also sell 14,706,000 flow-through shares at C$0.34 per share, which is identical to the Sept. 19 closing share price.
The company previously planned to sell 105,020,800 special warrants and 14,706,000 flow-through shares.
Of the proceeds, C$30.4 million will be raised on a bought-deal basis by a syndicate of underwriters led by National Bank Financial Inc. and including Raymond James Ltd., Haywood Securities Inc., TD Securities Inc., Cormark Securities Inc. and Jennings Capital Inc. The remaining C$7 million will consist only of 24,138,000 special warrants, which will be sold on a non-brokered basis.
Settlement is expected Oct. 15.
Proceeds will be used for exploration and development of the Montney lands at Wapiti, potential acquisitions and general and corporate purposes.
Based in Vancouver, B.C., Blackbird explores for oil and gas.
| Issuer: | Blackbird Energy Inc.
|
| Issue: | Special warrants convertible into common shares, flow-through shares
|
| Amount: | C$37,406,050
|
| Warrants: | No
|
| Underwriters: | National Bank Financial Inc. (lead), Raymond James Ltd., Haywood Securities Inc., TD Securities Inc., Cormark Securities Inc. and Jennings Capital Inc. (for C$30,406,030), non-brokered (for C$7,000,020)
|
| Pricing date: | Sept. 22
|
| Upsized: | Sept. 25
|
| Settlement date: | Oct. 15
|
| Stock symbol: | TSX Venture: BBI
|
| Stock price: | C$0.34 at close Sept. 19
|
| Market capitalization: | C$52.78 million
|
|
|
| Warrants
|
| Amount: | C$32,000,050
|
| Special warrants: | 110,345,000
|
| Price: | C$0.29
|
|
|
| Shares
|
| Amount: | C$5,406,000
|
| Shares: | 15.9 million
|
| Price: | C$0.34
|
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