Liminar and GORC buy 60 million shares at $0.25 apiece in revised deal
By Susanna Moon
Chicago, April 13 – Crown Point Energy Inc. said it raised another $5.83 million in the final tranche of a $15 million private placement of stock with Liminar Energia SA and GORC SA. The deal priced Nov. 17 and then was revised on Dec. 19, when the company raised $6.49 million.
The company said on March 20 that it raised $1.88 million in another tranche of the placement.
The company is selling 60 million common shares at $0.25 per share. Crown Point sold 25,965,704 shares in the initial tranche, 7.5 million shares in the second tranche and then 23,323,656 common shares in the most recent tranche.
Proceeds will be used to complete the company’s ongoing 14-well development drilling, recompletion and exploration program in Argentina and for general corporate purposes.
The oil and gas exploration and development company is based in Calgary, Alta.
| Issuer: | Crown Point Energy Inc.
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| Issue: | Common stock
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| Amount: | $15 million
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| Shares: | 60 million
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| Price: | $0.25
|
| Warrants: | No
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| Investors: | Liminar Energia SA and GORC SA
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| Pricing date: | Nov. 17
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| Revised: | Dec. 19
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| Settlement date: | Dec. 19 (for $6,491,426), March 20 (for $1,875,000), April 13 (for $5,830,914)
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| Stock symbol: | TSX Venture: CWV
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| Stock price: | C$0.25 at close Nov. 14
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| Market capitalization: | C$17.25 million
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