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Hemisphere announces bought deal equity financing
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About this update from Hemisphere Energy Corp
[{"type":"text","content":"\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR\n DISSEMINATION IN THE UNITED STATES/\n\n\nVANCOUVER, Nov. 21, 2013 /CNW/ - Hemisphere Energy Corporation\n (\"Hemisphere\" or the \"Company\" - TSXV: HME) is pleased to announce that\n it has entered into an agreement with a syndicate of underwriters led\n by Canaccord Genuity Corp. and including Integral Wealth Securities\n Limited and MGI Securities Inc. (collectively the \"Underwriters\"),\n which have agreed to purchase, on a bought deal basis, 3,637,000 units\n of Hemisphere, comprised of one common share and one half of one\n warrant of Hemisphere (together, the \"Units\") at a price of $0.55 per\n Unit and 3,077,000 common shares to be issued on a \"CEE flow-through\"\n basis (the \"CEE Flow-Through Shares\") at a price of $0.65 per CEE\n Flow-Through Share for aggregate gross proceeds of $4,000,400 (the\n \"Offering\").  Each whole warrant will entitle the holder to acquire one\n common share of the Corporation at a price of $0.75 per common share\n expiring 12 months after the closing of the Offering.\n\n\nThe Company will grant the Underwriters an option to purchase up to\n 545,550 additional Units (the \"Over-Allotment Option\"), exercisable for\n a period of 30 days following the date of closing to cover\n over-allotments, if any.\n\n\nHemisphere will use the net proceeds from the Offering to accelerate its\n capital program focused on the Company's Jenner core area and its newly\n acquired Atlee Buffalo play, as well as for general corporate purposes.\n\n\nThe Units and CEE Flow-Through Shares will be offered by way of a short\n form prospectus to be filed in Alberta, British Columbia and Ontario\n and such other provinces and territories (excluding Quebec) as the\n Company and the Underwriters may agree. Closing of the Offering is\n expected to occur on or about December 10, 2013 and is subject to\n certain conditions including, but not limited to, the receipt of all\n necessary approvals including the approval of the TSX Venture Exchange.\n\n\nAbout Hemisphere Energy Corporation\n\n\nHemisphere is an oil and gas exploration and production company focused\n on developing core areas that provide low to medium risk drilling\n opportunities to increase production, reserves and cash flow. \n Hemisphere's continued growth plan is through dr...