By Devika Patel
Knoxville, Tenn., Oct. 6 - Canyon Services Group Inc. said it will take in C$30 million in a private placement of stock. It also plans to raise another C$20 million through a public offering of stock.
In the private placement, the company will sell 15 million common shares at C$2.00 per share to the ARC Energy Fund 6.
Proceeds will be used to fund the company's capital program, temporarily reduce bank debt and for general corporate purposes.
The Calgary, Alta.-based company provides oilfield service that provides specialized fracturing and well stimulation services.
| Issuer: | Canyon Services Group Inc.
|
| Issue: | Common stock
|
| Amount: | C$30 million
|
| Shares: | 15 million
|
| Price: | C$2.00
|
| Warrants: | No
|
| Investor: | ARC Energy Fund 6
|
| Pricing date: | Oct. 6
|
| Stock symbol: | Toronto: FRC
|
| Stock price: | C$2.34 at close Oct. 5
|
| Market capitalization: | C$47.2 million
|
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