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Cathedral Energy Services Ltd. Announces Closing of Bought Deal Financing Including Exercise in Full of the Over-Allotment Option
Cathedral Energy Services Ltd. Announces Closing of Bought Deal Financing Including Exerci...
About this update from Act Energy Technologies Ltd.
[{"type":"text","content":"\n\n\n\nCathedral Energy Services Ltd. Announces Closing of Bought Deal Financing Including Exercise in Full of the Over-Allotment Option\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Feb. 15, 2017\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES./\n\n\n\nCALGARY, Feb. 15, 2017 /CNW/ - Cathedral Energy Services Ltd. (\"Cathedral\" or the \"Company\") (TSX:CET) is pleased to announce the closing of its previously announced bought deal public offering of 11,500,000 common shares of the Company at a price of $1.12 per share, which includes 1,500,000 common shares pursuant to the exercise in full of the over-allotment option, for gross proceeds of $12,880,000 (the \"Offering\"). Concurrent with the closing of the Offering, certain directors and officers of Cathedral purchased a total of 1,116,071 common shares at a price of $1.12 per share on a private placement basis for gross proceeds of approximately $1,250,000 (the \"Concurrent Private Placement\"). The gross proceeds from the Offering and Concurrent Private Placement totaled approximately $14,130,000.\n\nGMP FirstEnergy acted as sole underwriter for the Offering.\n\nThe net proceeds of the Offering and Concurrent Private Placement will initially be used to repay bank indebtedness and then fund ongoing working capital requirements driven by increased business activity, increase capacity through funding equipment upgrades and capital expenditures, and for other general corporate purposes.\n\nThe securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States absent registration or an available exemption from the registration requirement of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be ...