Published on 1/17/2008 in the Prospect News PIPE Daily.
New Issue: Bridge wraps third tranche of C$44.27 million units sale, raising C$310,250
By Devika Patel
Knoxville, Tenn., Jan. 17 - Bridge Resources Corp. said it raised C$310,250 in another tranche of a private placement of units, for a total deal size of C$44.27 million. The offering priced Dec. 13 for up to C$55 million and the company took in C$37.9 million in the first tranche on Dec. 21 and C$6.06 million in the second tranche on Jan. 15.
In the first closing, Bridge sold 44,584,476 units. It sold 7,134,730 units in the second tranche. This tranche consisted of 365,000 units, for a total of 52,084,206 units. The company said at pricing it planned to sell up to 64,706,000 units at C$0.85 each.
The units consist of one common share and one warrant. The warrants are exercisable at C$0.95 for two years.
Blackmont Capital Inc. and Macquarie Capital Markets Canada Ltd. were co-lead agents in North America and Mirabaud Securities was the co-lead agent in the United Kingdom. The agents were paid a 6% cash commission.
Proceeds will be used for drilling and general corporate purposes.
Based in Calgary, Alta., Bridge is a natural gas and petroleum exploration company.
| Issuer: | Bridge Resources Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$44,271,576
|
| Units: | 52,084,206
|
| Price: | C$0.85
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.95
|
| Agents: | Blackmont Capital Inc., Macquarie Capital Markets Canada Ltd., Mirabaud Securities (co-leads)
|
| Fees: | 6%
|
| Pricing date: | Dec. 13
|
| Settlement date: | Dec. 21 (for C$37,896,804.60), Jan. 15 (for C$6,064,520.50), Jan. 17 (for C$310,250)
|
| Stock symbol: | TSX Venture: BUK
|
| Stock price: | C$0.95 at close Dec. 12
|
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