By Sheri Kasprzak
New York, Nov. 1 - Battleford Capital Inc. said it plans to raise C$3 million in a private placement as part of its proposed acquisition of Captain Energy Inc.
The offering includes up to 6 million flow-through units at C$0.50 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$0.75 each for six months.
Proceeds will be used for the development of Captain Energy's properties.
The acquisition of Captain is expected to close by the end of November.
Under the terms of the acquisition, holders of Captain's stock will exchange their shares on a one-for-one basis for shares of the merged corporation. The acquisition is expected to cost C$400,000.
Based in Calgary, Alta., Battleford is an oil and natural gas exploration company.
| Issuer: | Battleford Capital Inc.
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| Issue: | Units of one flow-through share and one half-share warrant
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| Amount: | C$3 million (maximum)
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| Units: | 6 million (maximum)
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| Price: | C$0.50
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Six months
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| Warrant strike price: | C$0.75
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| Pricing date: | Nov. 1
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| Stock price: | C$0.30 at close Nov. 1
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