New York, July 6 - Corridor Resources Inc. said it has agreed to sell C$15 million of stock and flowthrough shares in a private placement.
Jennings Capital Inc. will be agent for the best efforts transaction.
The deal will be up of 4,166,667 common shares at C$2.40 each and 1,754,386 flowthrough shares at C$2.85 each.
In addition, there is a greenshoe for a further 4,166,667 common shares, which would bring the total size of the offering to C$25 million.
Proceeds will be used to fund the company's exploration and development programs in Eastern Canada.
Corridor is a Halifax, N.S., junior oil and gas exploration company.
| Issuer: | Corridor Resources Inc.
|
| Amount: | C$15 million
|
| Placement agent: | Jennings Capital Inc.
|
| Pricing date: | July 6
|
| Stock price: | C$2.49 at close July 6
|
|
|
| Common shares
|
| Amount: | C$10 million
|
| Shares: | 4,166,667
|
| Greenshoe: | 4,166,667
|
| Price: | C$2.40
|
|
|
| Flowthrough shares
|
| Amount: | C$5 million
|
| Shares: | 1,754,386
|
| Price: | C$2.85
|
|
|
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