By Devika Patel
Knoxville, Tenn., May 1 - Redcliffe Exploration Inc. said it raised C$6.58 million in a private placement of shares with an underwriting syndicate led by Northern Securities Inc. and including GMP Securities LP and Raymond James Ltd. The deal priced for C$8 million on March 20 and was revised to include units on April 18.
The company sold 6,510,137 units for C$3.58 million and 4,545,454 flow-through shares for C$3 million.
Redcliffe had planned to sell 9,090,909 units on a bought-deal basis at C$0.55 per unit for C$5 million and 4,545,455 flow-through shares on a best-efforts basis at C$0.66 per share for C$3 million.
Each unit consists of one share and one half-share warrant, with each whole warrant exercisable at C$0.70 for one year.
At pricing, the company had planned to sell 8,333,333 class A shares at C$0.60 apiece for C$5 million. Redcliffe also wanted to sell 4,166,667 flow-through class A shares on a best-effort basis at C$0.72 per share for C$3 million.
Proceeds will be used to incur qualifying expenditures and for drilling and general corporate purposes.
Redcliffe is an oil and natural gas company based in Calgary, Alta.
| Issuer: | Redcliffe Exploration Inc.
|
| Issue: | Units of one share and one half-share warrant, flow-through shares
|
| Amount: | C$6,580,574.99
|
| Underwriters: | Northern Securities Inc. (lead), GMP Securities LP, Raymond James Ltd.
|
| Pricing date: | March 20
|
| Amended: | April 18
|
| Settlement date: | April 30
|
| Stock symbol: | TSX Venture: RXI.A
|
| Stock price: | C$0.60 at close March 19
|
|
|
| Units
|
| Amount: | C$3,580,575.35
|
| Units: | 6,510,137
|
| Price: | C$0.55
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | One year
|
| Warrant strike price: | C$0.70
|
|
|
| Flow-through shares
|
| Amount: | C$2,999,999.64
|
| Shares: | 4,545,454
|
| Price: | C$0.66
|
| Warrants: | No
|
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