By Sheri Kasprzak
New York, July 25 - Dual Exploration Inc. said it has negotiated a private placement for C$8,925,000.
The company plans to sell 5.1 million subscription receipts at C$1.75 each.
Insiders of the company plan to buy up to C$2 million of the offering.
The receipts allow for one common share once the company completes the acquisition of oil and natural gas producing properties in the Hays/Enchant area of south-central Alberta and properties in Prevo, Bow Island and other areas of Alberta.
The private placement is being offered through a syndicate of underwriters led by FirstEnergy Capital Corp. and Clarus Securities Inc.
The deal is expected to close on Aug. 11, and the acquisition is scheduled to close on Aug. 12.
Dual currently has 21.9 million outstanding common shares. After the private placement, it will have 27 million shares outstanding.
Based in Calgary, Alta., Dual is an oil and natural gas exploration, development and production company.
| Issuer: | Dual Exploration Inc.
|
| Issue: | Subscription receipts exchangeable for one common share each
|
| Amount: | C$8,925,000
|
| Receipts: | 5.1 million
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| Price: | C$1.75
|
| Warrants: | No
|
| Underwriters: | FirstEnergy Capital Corp. and Clarus Securities Inc.
|
| Pricing date: | July 25
|
| Settlement date: | Aug. 11
|
| Stock price: | C$1.87 at close July 22
|
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