By Devika Patel
Knoxville, Tenn., April 11 - Canadian Sub-Surface Energy Services Corp. said it will conduct a C$3.85 million non-brokered private placement of stock.
The company will sell 2.2 million class A shares at C$1.75 apiece. A significant portion of the shares is expected to be bought by CanSub employees.
CanSub CEO Brad Gabel said in a news release that the equity, along with the recently announced increased flexibility on the company's credit facilities, will provide CanSub with more capital to pursue "strategic opportunities in the current market."
Calgary, Alta.-based Canadian Sub-Surface provides wireline, product testing and well optimization and swabbing services to the oil and natural gas exploration sector.
| Issuer: | Canadian Sub-Surface Energy Services Corp.
|
| Issue: | Class A shares
|
| Amount: | C$3.85 million
|
| Shares: | 2.2 million
|
| Price: | C$1.75
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 11
|
| Stock symbol: | Toronto: CSE
|
| Stock price: | C$2.20 at close April 10
|
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