By Sheri Kasprzak
Atlanta, Dec. 8 - Connacher Oil and Gas Ltd. said Wednesday it has closed the third and final tranche of its private placement for C$2.4 million, raising the total amount of the private placements to C$21.3 million.
In the final closing the company issued 4 million common shares at C$0.475 each and 833,333 flow-through shares at C$0.60 each.
About C$1.2 million of the money raised from the entire private placement was invested by managers, directors, employees and associates of Connacher.
The company also said Wednesday that its capital budget for 2005 is C$12 million.
Dominick & Dominick Securities Inc. is the placement agent in the offering.
Connacher, based in Calgary, Alta., is an oil and gas exploration and production company. The company plans to use the proceeds to fund its western Canadian exploration and development activities at the Great Divide oil sands project and on other properties in Saskatchewan.
| Issuer: | Connacher Oil and Gas Ltd.
|
| Issue: | Common shares and flow-through shares
|
| Amount: | C$2.4 million
|
| Placement agent: | Dominick & Dominick Securities Inc.
|
| Announcement date: | Oct. 25
|
| Settlement date: | Dec. 8
|
| Stock price: | C$0.59 at close Oct. 25
|
| Stock price: | C$0.59 at close Dec. 7
|
|
|
| Flow-through shares
|
| Shares: | 833,333
|
| Price: | C$0.60
|
| Warrants: | No
|
|
|
| Common shares
|
| Shares: | 4 million
|
| Price: | C$0.475
|
| Warrants: | No
|
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