By Sheri Kasprzak
New York, May 24 - Titan Exploration Ltd. plans to raise up to C$8 million in a private placement.
The offering includes up to 1.25 million class A flow-through shares at C$6.40 each.
The deal is being placed through a syndicate of underwriters led by FirstEnergy Capital Corp. and Clarus Securities Inc. and including GMP Securities Ltd., MGI Securities Inc. and Wellington West Capital Markets Inc.
The placement is slated to close June 8.
Proceeds will be used for exploration expenses on the company's Canadian properties.
Calgary, Alta.-based Titan is an oil and natural gas exploration and development company.
| Issuer: | Titan Exploration Ltd.
|
| Issue: | Class A flow-through shares
|
| Amount: | C$8 million
|
| Shares: | 1.25 million
|
| Price: | C$6.40
|
| Warrants: | No
|
| Underwriters: | FirstEnergy Capital Corp. (lead), Clarus Securities Inc. (lead), GMP Securities Ltd., MGI Securities Inc., Wellington West Capital Markets Inc.
|
| Pricing date: | May 24
|
| Settlement date: | June 8
|
| Stock symbol: | Toronto: TTN
|
| Stock price: | C$5.00 at close May 23
|
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