By Sheri Kasprzak
Atlanta, Dec. 23 - Saxon Energy Services Inc. has wrapped a private placement for C$38,508,450, the company said Thursday.
The offering included 12,836,150 subscription receipts at C$3 each.
The receipts include one share and one half-share warrant.
The whole warrants allow for an additional share at C$3.75 each for 18 months.
On Dec. 14, the offering was priced as a C$36.3 million deal. An underwriting syndicate led by Westwind Partners Inc. and Sprott Securities Inc. and including GMP Securities Ltd., had an option to offer an additional C$13.7 million.
Saxon is a Calgary, Alta.-based oil and gas drilling, servicing and equipment renting business, which operates in Ecuador. The company plans to use the proceeds from the deal to acquire a Venezuelan oil and gas company for additional drilling rigs and rental equipment. The remainder of the funds will be used for general corporate purposes.
| Issuer: | Saxon Energy Service Inc.
|
| Issue: | Subscription receipts of one share and one half-share warrant
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| Amount: | C$38,508,450
|
| Shares: | 12,836,150 receipts
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| Price: | C$3.00
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | 18 months
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| Warrant strike price: | C$3.75
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| Underwriters: | Westwind Partners Inc., Sprott Securities Inc. and GMP Securities Ltd.
|
| Announcement date: | Nov. 26
|
| Pricing date: | Dec. 14
|
| Settlement date: | Dec. 23
|
| Stock price: | C$3.00 at close Dec. 23
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