Funds used for 2011 exploration and development programs
By Melissa Kory
Cleveland, March 24 - Gallic Energy Ltd. said it plans to raise C$23 million, increased from C$20 million, through the sale of units, consisting of one common share and one half warrant.
The 57 million units, increased from 50 million, will be sold on a bought-deal basis at C$0.40 per unit, a 13.04% discount to the March 23 closing price of C$0.46.
Each whole warrant will be exercisable at C$0.60 for two years from the April 13 closing date of the offering.
The syndicate of underwriters will be co-led by Macquarie Capital Markets Canada Ltd. and Canaccord Genuity Corp. and will include Raymond James Ltd., Paradigm Capital Inc. and Fraser Mackenzie Ltd.
Proceeds will be used to fund the corporation's 2011 exploration and development programs and for general corporate purposes.
Gallic, based in Calgary, Alta., aims to build an inventory of significant oil and gas prospects.
| Issuer: | Gallic Energy Ltd.
|
| Issue: | Units of one common share and half a warrant
|
| Amount: | C$23 million
|
| Units: | 57 million
|
| Price: | C$0.40
|
| Warrants: | One half warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.60
|
| Agents: | Macquarie Capital Markets Canada Ltd., Canaccord Genuity Corp., Raymond James Ltd., Paradigm Capital Inc. and Fraser Mackenzie Ltd.
|
| Pricing date: | March 24
|
| Settlement date: | April 13
|
| Stock symbol: | TSX Venture: GLE.A
|
| Stock price: | C$0.46 at close March 23
|
| Market capitalization: | C$36.17 million
|
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