By Laura Lutz
Des Moines, March 16 - Tribute Resources Inc. plans to conduct two private placements of units for C$6 million.
In total, the company intends to sell 30 million units of one share and one warrant at C$0.20 per unit. Each warrant will be exercisable at C$0.40 for two years.
Jacob & Co. Securities Inc. will act as agent.
The company will raise C$2 million from an initial unit offering connected to its acquisition of all of the non-owned units of the Huron Tipperary LP I and all of the petroleum and natural gas rights and natural gas storage rights for the Bayfield Pool from insiders of Tribute.
Following that deal, the company will raise C$4 million from a second private placement.
The initial unit offering is expected to close in March. The second offering is expected to close alongside the Bayfield and Huron Tipperary acquisitions following a shareholder meeting on April 20.
Proceeds will be used to develop a gas storage facility.
Tribute is an energy company based in London, Ont.
Initial unit offering
| Issuer: | Tribute Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$2 million
|
| Units: | 10 million
|
| Price: | C$0.20
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Jacob & Co. Securities Inc.
|
| Pricing date: | March 16
|
| Stock symbol: | TSX Venture: TRB
|
| Stock price: | C$0.19 at close March 15
|
|
|
| Second offering
|
| Issuer: | Tribute Resources Inc.
|
| Issue: | Units of one share and one warrant
|
| Amount: | C$4 million
|
| Units: | 20 million
|
| Price: | C$0.20
|
| Warrants: | One per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$0.40
|
| Agent: | Jacob & Co. Securities Inc.
|
| Pricing date: | March 16
|
| Settlement date: | April 20
|
| Stock symbol: | TSX Venture: TRB
|
| Stock price: | C$0.19 at close March 15
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
