By Sheri Kasprzak
New York, May 31 - Dual Exploration Inc. has negotiated a C$5,008,400 private placement.
The offering includes up to 530,000 non flow-through shares at C$1.90 each and up to 1.71 million flow-through shares at C$2.34 each.
The offering is being conducted through a syndicate of underwriters led by Clarus Securities Inc. and FirstEnergy Capital Corp. and including Dundee Securities Corp.
The deal is scheduled to close June 15.
Proceeds will be used for exploration on the company's natural gas and oil reserves in western Canada. The rest will be used for general corporate purposes.
Dual, based in Calgary, Alta., is an oil and natural gas exploration, development and production company.
| Issuer: | Dual Exploration Inc.
|
| Issue: | Flow-through and non flow-through shares
|
| Amount: | C$5,008,400
|
| Underwriters: | Clarus Securities Inc. (lead), FirstEnergy Capital Corp. (lead), Dundee Securities Corp.
|
| Pricing date: | May 31
|
| Settlement date: | June 15
|
| Stock symbol: | Toronto: DLX
|
| Stock price: | C$1.95 at close May 31
|
|
|
| Non flow-through shares
|
| Shares: | 530,000
|
| Price: | C$1.90
|
| Warrants: | No
|
|
|
| Flow-through shares
|
| Shares: | 1.71 million
|
| Price: | C$2.34
|
| Warrants: | No
|
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