Non-brokered deal offers units with half-share warrants at C$0.12 each
By Devika Patel
Knoxville, Tenn., June 11 – Bayshore Petroleum Corp. said it has arranged a C$1.2 million non-brokered private placement of units.
The company will sell 10 million units of one common share and one half-share warrant at C$0.12 per unit.
Each whole warrant will be exercisable at C$0.30 for 18 months. The strike price is a 172.73% premium to C$0.11, the June 10 closing share price.
Proceeds will be used to increase working capital, for a contract to build a Cold Catalytic Cracking unit and a Cold Catalytic Cracking catalyst laboratory and for contractual arrangements regarding a commercial ultrasonic desulphurization unit.
The Calgary, Alta., company is involved in the exploitation of technology that increases the productivity and profitability of heavy oil and bitumen.
| Issuer: | Bayshore Petroleum Corp.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$1.2 million
|
| Units: | 10 million
|
| Price: | C$0.12
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | 18 months
|
| Warrant strike price: | C$0.30
|
| Agent: | Non-brokered
|
| Pricing date: | June 11
|
| Settlement date: | June 26
|
| Stock symbol: | TSX Venture: BSH
|
| Stock price: | C$0.11 at close June 10
|
| Market capitalization: | C$2.71 million
|
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