Key Developments: Shoal Point Energy Ltd (SHPNF.PK)
0.09USD
17 May 2013
$0.02 (+22.14%)
$0.07
$0.09
$0.09
$0.09
20,000
32,701
$0.22
$0.05
Latest Key Developments (Source: Significant Developments)
Shoal Point Energy Ltd Closes $6.71 Million Private Placement-Canada Stockwatch News
Canada Stockwatch News reported that Shoal Point Energy Ltd. has closed its private placement financing for total gross proceeds of $6,716,232.98. The financing comprised 99,438,551 units at a price of six cents per unit for gross proceeds of $5,966,313.09 and 12,498,665 flow-through units at a price of six cents per flow-through unit for gross proceeds of $749,919.90. Each unit comprises one common share in the capital of the Company and one common share purchase warrant. Each warrant is exercisable for one common share at a price of 15 cents per warrant for a period of 18 months. Each flow-through unit comprises one flow-through common share and one-half of one warrant. In connection with this financing, the Company paid commissions to registered agents totalling $194,722.99 and also issued 3,129,050 broker warrants, where each broker warrant entitles the holder to acquire one common share at 10 cents for 18 months. The proceeds of this financing are being used to finance the deposits that were made to extend the terms of exploration licences 1120 and 1097R, as previously announced in a previous press release, to reduce accounts payable, and for general working capital purposes. Full Article
Shoal Point Energy Ltd Signs a Letter of Intent for Joint Venture to Explore and Develop Green Point Shale Licenses, West Newfoundland
Shoal Point Energy Ltd announced that it has signed a Letter of Intent regarding a proposed transaction between SPE and Foothills Capital Corp., and its subsidiaries, Black Spruce Exploration Corp. (BSE), and Foothills North West Holdings Corp (FNW). BSE and FNW intend to enter into Definitive Agreements with SPE on or before January 11, 2013, subject to respective corporate and regulatory approvals, whereby (1) FNW will participate in a private placement for a minimum of 35 million units @ $0.06 (representing a minimum $2.1 million investment, and comprised of common shares and a common share purchase warrant exercisable for 18 months @ $0.15), and whereby (2) BSE will execute a farmin agreement giving it the right to earn up to a 60% interest of SPE's interests in three (3) Exploration Licenses ("EL's") offshore western Newfoundland. The earn in will occur by a staged work program whereby BSE can earn incremental components of interest by drilling on SPE's lands. All wells are contemplated as onshore-to-offshore deviated drill programs, and will be designed to reach depths of up to 3000 metres. BSE will be the Operator of the four wells. Full Article
Shoal Point Energy Ltd. Closes Private Placement For $1.11 Million-Canada Stockwatch News
Canada Stockwatch News reported that Shoal Point Energy Ltd. has closed a private placement financing for aggregate gross proceeds of $1,114,000 by issuing 7,242,860 units at a price of $0.14 per unit and 625,000 flow-through units at a price of $0.16 per FT unit. Each unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at a price of $0.20 for a period of 18 months. Each FT unit consists of one common share to be issued on a flow-through basis and one-half of one warrant. In connection with the offering, the Company has paid an aggregate of $66,000 in cash commissions and has issued 466,072 broker warrants to certain parties for introducing purchasers to the Company. Each broker warrant entitles the holder thereof to purchase one common share at a price of $0.14 for a period of 18 months. Proceeds of the offering will be used for general operating expenses and incurring exploration expenditures (within the meaning of the Income Tax Act (Canada)). In particular, a portion of the net proceeds will be used to complete testing of well 3K-39, licence EL 1070. Full Article
Nwest Energy Inc. Announces Closing Of Transaction With Shoal Point Energy Ltd.
Nwest Energy Inc. announced that it has completed its previously announced transaction (the 'Transaction') involving the sale of substantially all of the Corporation's assets pursuant to an arm's length agreement with Shoal Point Energy Ltd. a public company listed on the Canadian National Stock Exchange, whereby Shoal Point has acquired the remaining 50% undivided working legal and beneficial interest in and to exploration licence EL1097R dated November 23, 2011 (the 'Licence') covering an area of approximately 500,000 acres located offshore of western Newfoundland and Labrador (the 'Property'). The Transaction was detailed in the management information circular of NWest dated February 15, 2012 and approved by the shareholders of the Corporation at its annual and special meeting held on March 21, 2012 (the 'Meeting'). The remaining 50% working interest in the Licence was transferred to Shoal Point (the 'Second Transfer') on receipt of approval of the shareholders of NWest for the Transaction on March 21, 2012 in consideration that Shoal Point: (i) issued one million (1,000,000) common shares of Shoal Point (the "Common Shares") to NWest; and (ii) issued one million (1,000,000) Common Share purchase warrants to NWest, with each warrant entitling NWest to acquire one Common Share at an exercise price of $0.39 for a period of two years from the date of issuance. Full Article
Nwest Energy Inc. Announces Proposed Transaction With Shoal Point Energy Ltd
Nwest Energy Inc. announced that it has entered into an arm's length agreement with Shoal Point Energy Ltd., a public company listed on the Canadian National Stock Exchange, whereby Shoal Point will acquire up to a 100% undivided working legal and beneficial interest in and to exploration licence EL1097R dated November 23, 2011 covering an area of approximately 500,000 acres located offshore of western Newfoundland and Labrador. Pursuant to the Transaction, a 50% working interest in the Licence shall be transferred to Shoal Point in consideration that Shoal Point pays a drilling deposit of $1,000,000 to the Canada Newfoundland and Labrador Offshore Petroleum Board; issues 1,000,000 Common Share purchase warrants to NWest. If the Second Transfer is completed and Shoal Point spuds a well on the Property, Shoal Point shall issue an additional 4,000,000 Common Shares to NWest; issue an additional 4,000,000 Common Share purchase warrants to NWest, with each warrant entitling NWest to acquire one Common Share at an exercise price equal to the 20 day weighted average price of the Common Shares prior to the date of issuance plus an additional 20%, for a period of two years from the date of issuance; and grant to NWest a 2% gross overriding royalty on the Property. Shoal Point shall have the right to purchase 0.75% of the Royalty for $2,000,000 at any time after the date of grant. Full Article
Canadian Imperial Venture Corp. Acquires 10.20% Ownership In Shoal Point Energy Ltd.
Canadian Imperial Venture Corp. announced that the Company has reached an agreement with Shoal Point Energy Limited (SPE) whereby Canadian Imperial Venture Corp. will acquire a 10.20% ownership position in the stock of SPE as well as the right to appoint a representative to the Board of SPE. Under the agreement, SPE will issue 20 million shares and 10 million warrants to Canadian Imperial Venture Corp.. The warrants have a strike price of $0.40 and a 2 year term. In exchange for the shares and warrants, Canadian Imperial Venture Corp. will assign its interest in EL1070 and EL1120 plus any rights that the Company holds under an Area of Mutual Interest (AMI) agreement between Canadian Imperial Venture Corp. and SPE relating to West NL. SPE will also pay Canadian Imperial Venture Corp. a total of $500,000 cash, $300,000 to be paid on closing which is expected to occur on October 25, 2011 , and the balance on or before April 25, 2012 (SPE has the option to pay the $200,000 balance in cash or stock, consequently, on closing and an additional one million shares of SPE will be issued to Canadian Imperial Venture Corp. in escrow pending the cash payment). All securities issued in this transaction will be subject to a four month hold period. Full Article
Shoal Point Energy Ltd. Closes Second Tranche Of Financing
Shoal Point Energy Ltd. announced that it has closed the second tranche of a financing of common share units for the purpose of completion and testing Well 3K-39 on EL 1070. The total amount raised from both tranches of this financing is $2,035,250. The first tranche of the financing for $535,500 was comprised of 1,785,000 common share units at $0.30 where each unit includes a common share at $0.30 and a 1/2 common share purchase warrant where a full warrant entitles the holder to acquire an additional common share at a price of $0.40 for 18 months. The second tranche of financing for $1,499,750 included 4,285,000 flow through units where each unit is comprised of a flow through common share at $0.35 and a 1/2 common share purchase warrant where a full warrant entitles the holder to acquire an additional common share at $0.40 for 18 months. Full Article
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