Proceeds used to repay Anthem loan, develop Provost Viking project
By Devika Patel
Knoxville, Tenn., Feb. 21 - Nextraction Energy Corp. said it has negotiated a C$1.6 million non-brokered private placement of units with underwriter NCP Northland Capital Partners Inc.
The company will sell 5,333,333 units of one common share and one warrant at C$0.30 per unit.
Each whole warrant is exercisable at C$0.35 for two years. The strike price is identical to the Feb. 17 closing share price.
Settlement is expected on March 2.
Proceeds will be used to repay the Anthem loan, for development of the Provost Viking light oil project and general corporate purposes.
Nextraction is a junior oil and gas company in Vancouver, B.C.
| Issuer: | Nextraction Energy Corp.
|
| Issue: | Units of one common share and one warrant
|
| Amount: | C$1.6 million
|
| Units: | 5,333,333
|
| Price: | C$0.30
|
| Warrants: | One warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.35
|
| Agent: | Non-brokered
|
| Pricing date: | Feb. 21
|
| Settlement date: | March 2
|
| Stock symbol: | TSX Venture: NE
|
| Stock price: | C$0.35 at close Feb. 17
|
| Market capitalization: | C$9.87 million
|
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