Company will sell 64 million common shares at C$0.25 per share in deal
By Devika Patel
Knoxville, Tenn., July 7 – Butte Energy Inc. said it will raise C$16 million in a non-brokered private placement of stock on July 4.
The company will sell 64 million common shares at C$0.25 apiece. The price per share is a 47.06% premium to the July 3 closing share price of C$0.17.
Proceeds will be used for proving up the company’s prospects in Alberta as well as working capital for ongoing operations.
Calgary, Alta.-based Butte is an energy company.
| Issuer: | Butte Energy Ltd.
|
| Issue: | Common stock
|
| Amount: | C$16 million
|
| Shares: | 64 million
|
| Price: | C$0.25
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | July 4
|
| Stock symbol: | TSX Venture: BEN
|
| Stock price: | C$0.17 at close July 3
|
| Market capitalization: | C$7.22 million
|
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