By Sheri Kasprzak
Atlanta, Feb. 14 - Grand Banks Energy Corp. said it has arranged a private placement for C$4,875,000.
The company plans to sell 2.5 million flow-through common shares at C$1.95 each.
An underwriting syndicate, led by Haywood Securities Inc., also has an over-allotment option for 500,000 flow-through shares.
Based in Calgary, Alta., Grand Banks is an oil and gas exploration company. The proceeds from the private placement will be used for exploration and development, including its participation in an expanded high-impact deep gas exploration program.
| Issuer: | Grand Banks Energy Corp.
|
| Issue: | Flow-through common shares
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| Amount: | C$4,875,000
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| Shares: | 2.5 million
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| Greenshoe: | For 500,000 shares
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| Price: | C$1.95
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| Warrants: | No
|
| Underwriters: | Haywood Securities Inc. (lead)
|
| Pricing date: | Feb. 14
|
| Stock price: | C$1.67 at close Feb. 11
|
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