By Sheri Kasprzak
New York, Nov. 10 - Cordero Energy Inc. said it has negotiated a private placement of stock for C$12.76 million.
The offering includes 2.2 million shares at C$5.80 apiece.
The deal, slated to close Nov. 29, is being placed through a syndicate of underwriters led by Peters & Co. Ltd. and including Tristone Capital Inc., CIBC World Markets Inc. and BMO Nesbitt Burns Inc.
Proceeds from the deal will be used to expand the company's exploration and development in 2006. The company's present capital budget for 2006 was reported at C$53 million Thursday.
Calgary, Alta.-based Cordero is an oil, natural gas and coal bed methane exploration company.
| Issuer: | Cordero Energy Inc.
|
| Issue: | Stock
|
| Amount: | C$12.76 million
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| Shares: | 2.2 million
|
| Price: | C$5.80
|
| Warrants: | No
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| Underwriters: | Peters & Co. Ltd. (lead); Tristone Capital Inc.; CIBC World Markets Inc.; BMO Nesbitt Burns Inc.
|
| Pricing date: | Nov. 10
|
| Settlement date: | Nov. 29
|
| Stock price: | C$5.90 at close Nov. 9
|
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