Company to complete offering as part of planned qualifying transaction
By Devika Patel
Knoxville, Tenn., Dec. 14 - Drako Capital Corp. said it will raise between C$1.25 million and C$1.5 million in a non-brokered private placement of stock conducted in connection with its qualifying transaction.
The company will sell between 6.25 million and 7.5 million common shares at C$0.20 per share, a 4.76% discount to the Dec. 13 closing share price of C$0.21.
The company also said it negotiated a farmout and participation agreement on Sept. 14 with Manitok Energy Inc. Under the agreement, Drako will participate in a three-well drilling program which will constitute the company's qualifying transaction.
Proceeds will be used for drilling and related expenditures associated with the qualifying transaction.
The capital pool company is based in Calgary, Alta.
| Issuer: | Drako Capital Corp.
|
| Issue: | Common stock
|
| Amount: | C$1.25 million (minimum), C$1.5 million (maximum)
|
| Shares: | 6.25 million (minimum), 7.5 million (maximum)
|
| Price: | C$0.20
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 14
|
| Stock symbol: | TSX Venture: DKC.P
|
| Stock price: | C$0.21 at close Dec. 13
|
| Market capitalization: | C$2.24 million
|
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