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Cub Energy Inc Announces Pricing And Size Of Share Offering

Friday, 30 Nov 2012 09:05am EST 

Cub Energy Inc announced that the previously announced public offering of common shares of the Company is to be at a price of $0.40 per Common Share and comprised of 31,250,000 Common Shares, for aggregate gross proceeds of $12,500,000. In addition, the Company intends to grant the Agents named below an option, exercisable in whole or in part any time up to 48 hours prior to the closing of the Offering, to purchase up to an additional 6,250,000 Common Shares at a price of $0.40 per Common Share. If the Agents' Option is exercised in full, the aggregate gross proceeds of the Offering will be $15,000,000. GMP Securities Europe LLP, GMP Securities L.P. and Canaccord Genuity Corp., as lead agents, with a syndicate that includes Cormark Securities Inc. and Casimir Capital Ltd. It is anticipated that the net proceeds from the Offering will be used by the Company for further development, appraisal and exploration of the Company's interests in Ukraine, repayment of the drawn portion of a line of credit and general and administrative expenses. 

Company Quote

-0.01 -11.76%
16 Sep 2014