Deal sells units of shares with one-year warrants at C$0.05 per unit
By Devika Patel
Knoxville, Tenn., Feb. 26 - Emerald Bay Energy Inc. announced it plans a C$1 million private placement of units.
The company will sell 20 million units of one common share and one warrant at C$0.05 per unit.
Each one-year warrant will be exercisable at C$0.10, a 66.67% premium to the Feb. 25 closing share price of C$0.06.
Proceeds will be used for exploration and expansion of the company's South Texas property and general working capital needs.
Emerald Bay, based in Calgary, Alta., is an oil and natural gas exploration company.
Issuer: | Emerald Bay Energy Inc.
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Issue: | Units of one common share and a warrant
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Amount: | C$1 million
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Units: | 20 million
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Price: | C$0.05
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Warrants: | One warrant per unit
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Warrant expiration: | One year
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Warrant strike price: | C$0.10
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Pricing date: | Feb. 26
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Stock symbol: | TSX Venture: EBY
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Stock price: | C$0.06 at close Feb. 25
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Market capitalization: | C$7.3 million
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