The Common Shares have been consolidated on the basis of one (1) post-consolidation Common Share for ten (10) pre-consolidation Common Shares (the "Consolidation"). The Common Shares of the Corporation will commence trading on the
Following the Consolidation the Corporation will have approximately 12,030,272 Common Shares issued and outstanding. Any resulting post-consolidation fractional Common Shares will be rounded up or down to the nearest whole Common Share and no cash consideration will be paid in lieu of fractional post-consolidation Common Shares. The Corporation's currently outstanding options will be adjusted on the same basis with proportional adjustments being made to exercise prices.
The Private of up to 20,000,000 (post-consolidation) Common Shares at a price of
The Private Placement is subject to certain customary conditions, including, but not limited to, the execution of definitive subscription agreements with subscribers, and the receipt of all necessary regulatory approvals, including the approval of the TSXV. Closing of the Private Placement is anticipated to occur within thirty to forty five days. All securities issued in connection with the Private Placement will be subject to a statutory hold period of four months plus one day from the date of completion of the Private Placement in accordance with applicable securities legislation. It is currently anticipated that certain insiders of the Corporation may be participating in the Private Placement.
The net proceeds from the Private Placement will be used for: continuing expenses associated with the minor use permit application currently being reviewed by the County and anticipated drilling of the
The Private Placement is subject to TSXV approval.
Keywords for this news article include: Energy, Oil & Gas, Utilities,
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