By Devika Patel
Knoxville, Tenn., March 25 - Gastem Inc. said it completed a C$5.75 million private placement of units. The deal priced for C$5 million on March 16.
The company sold 6,764,706 flow-through units at C$0.85 apiece. Each flow-through unit consists of one flow-through common share and one warrant. The warrants are each exercisable at C$1.05 for 18 months.
Industrial Alliance Securities and Fraser Mackenzie Ltd. were co-lead agents of a syndicate, which included Mackie Research Capital Corp.
Proceeds will be used for exploration work in Quebec.
Gastem is an oil and gas exploration company based in Montreal.
| Issuer: | Gastem Inc.
|
| Issue: | Flow-through units of one flow-through common share and one warrant
|
| Amount: | C$5.75 million
|
| Units: | 6,764,706
|
| Price: | C$0.85
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$1.05
|
| Agents: | Industrial Alliance Securities and Fraser Mackenzie Ltd. (co-leads), Mackie Research Capital Corp.
|
| Pricing date: | March 16
|
| Settlement date: | March 25
|
| Stock symbol: | TSX Venture: GMR
|
| Stock price: | C$0.64 at close March 15
|
| Market capitalization: | C$34.8 million
|
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