By Sheri Kasprzak
Atlanta, June 6 - Blackpool Exploration Ltd. said it has completed a downsized private placement for C$10,157,824.
In the final tranche, the company sold 1,595,000 units at C$0.50 each and 1,014,364 flow-through shares at C$0.55 each, for a total of C$1,355,400.
The units include one share and one half-share warrant. The whole warrants provide for an additional share at C$0.60 each through Dec. 2, 2006.
On May 18, the company completed the first closing of the deal, selling 11,673,000 units and 5,392,589 flow-through shares under the same terms.
Woodstone Capital Inc. was the placement agent.
The offering had been originally announced March 7 as a C$12 million deal comprised of 16 million units and 7,272,727 flow-through shares under similar terms. The price of the warrants was reduced to C$0.60 from C$0.75.
The company plans to use the proceeds from the offering to acquire all of the shares of a private oil and natural gas exploration and production company.
Based in Calgary, Alta., Blackpool is an oil and natural gas exploration, production and acquisition company.
| Issuer: | Blackpool Exploration Ltd.
|
| Issue: | Flow-through share and units of one share and one half-share warrant
|
| Amount: | C$10,157,824
|
| Placement agent: | Woodstone Capital Inc.
|
| Announcement date: | March 7
|
| Settlement date: | June 6
|
| Stock price: | C$0.69 at close March 7
|
| Stock price: | C$0.48 at close June 6
|
|
|
| Flow-through shares
|
| Issue: | Flow-through common shares
|
| Shares: | 6,406,953
|
| Price: | C$0.55
|
| Warrants: | No
|
|
|
| Units
|
| Issue: | Units of one share and one half-share warrant
|
| Units: | 13,268,000
|
| Price: | C$0.50
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Dec. 2, 2006
|
| Warrant strike price: | C$0.60
|
|
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