By Devika Patel
Knoxville, Tenn., Aug. 29 - International Sovereign Energy Corp. said it will only raise C$2.65 million in a private placement of units.
The deal, arranged with agent Canaccord Capital Corp., priced for C$3.5 million on Aug. 27 with a C$350,000 greenshoe.
The company now plans to sell 2.12 million units at C$1.25 apiece on a best-efforts basis. It had planned to sell 2.8 million units.
Each unit consists of one common share and one half-share warrant. Each whole two-year warrant is exercisable at C$1.50 in the first year and at C$2.00 thereafter.
If, over a 20 consecutive trading day period, the company's common shares close at a price that exceeds the warrant exercise price by 30% on a daily closing volume weighted average basis, the warrants will expire 30 days after the company notifies holder of such an event.
Settlement is expected Sept. 25.
Proceeds will be used for advancement of the company's oil and gas properties and general corporate purposes.
International Sovereign is an oil and gas exploration company with headquarters in Vancouver, B.C.
| Issuer: | International Sovereign Energy Corp.
|
| Issue: | Units of one common share and a half-share warrant
|
| Amount: | C$2.65 million
|
| Units: | 2.12 million
|
| Price: | C$1.25
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$1.50 in the first year, C$2.00 thereafter
|
| Agents: | Canaccord Capital Corp.
|
| Pricing date: | Aug. 27
|
| Decreased: | Aug. 29
|
| Settlement date: | Sept. 25
|
| Stock symbol: | Toronto: ISR
|
| Stock price: | C$1.19 at close Aug. 27
|
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