By Sheri Kasprzak
New York, Nov. 28 - Desco Energy Ltd. said it plans to raise up to C$6,525,000 in a private placement to help fund an exploratory drilling program.
The offering includes up to 1.5 million non flow-through shares at C$2.00 each and up to 1.5 million flow-through shares at C$2.35 each.
The company will sell at least 1.1 million shares for proceeds of C$2,392,500.
Proceeds will be used to fund the company's three-well exploratory drilling program with Arcan Resources Ltd.
Based in Calgary, Alta., Desco is an oil and natural gas exploration and development company.
| Issuer: | Desco Energy Ltd.
|
| Issue: | Flow-through and non flow-through shares
|
| Amount: | C$6,525,000 (maximum); C$2,392,500 (minimum)
|
| Pricing date: | Nov. 25
|
| Stock price: | C$2.35 at close Nov. 25
|
|
|
| Flow-through shares
|
| Shares: | 1.5 million (maximum); 550,000 (minimum)
|
| Price: | C$2.35
|
| Warrants: | No
|
|
|
| Non flow-through shares
|
| Shares: | 1.5 million (maximum); 550,000 (minimum)
|
| Price: | C$2.00
|
| Warrants: | No
|
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