Business
Prairie Provident Announces up to $9.1 Million Brokered Equity Financing with $7.35 Million in Lead Orders and Basal Quartz Horizontal Drilling Program
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES CALG...
About this update from Prairie Provident Resources, Inc.
[{"type":"text","content":"Prairie Provident Announces up to $9.1 Million Brokered Equity Financing with $7.35 Million in Lead Orders and Basal Quartz Horizontal Drilling Program\n\n\n\n NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES\n \n\n CALGARY, Alberta, Feb. 11, 2025 (GLOBE NEWSWIRE) -- Prairie Provident Resources Inc. (TSX:PPR) (“\n \n Prairie Provident\n \n ” or the “\n \n Company\n \n ”) is pleased to announce that it has entered into an agreement with Research Capital Corporation, as lead agent and sole bookrunner, on behalf of a syndicate of agents including Haywood Securities Inc. (collectively, the “\n \n Agents\n \n ”), for a brokered “best efforts” equity financing for aggregate gross proceeds of up to approximately $9,100,000, comprised of:\n \n\n (a) an offering up to 96,470,589 units of the Company (“\n \n Units\n \n ”) at a price of $0.0425 per Unit for gross proceeds of up to $4,100,000, on a prospectus-exempt basis pursuant to the ‘listed issuer financing exemption’ (LIFE) under applicable Canadian securities laws (the “\n \n LIFE Offering\n \n ”), with (i) each Unit consisting of one common share of the Company (“\n \n Common Share\n \n ”) and one Common Share purchase warrant (“\n \n Warrant\n \n ”), and (ii) each Warrant to entitle the holder to subscribe for and purchase one Common Share at an exercise price of $0.05 for a period of 36 months following closing; and\n \n\n (b) a private placement of up to 117,647,059 Common Shares at a price of $0.0425 per Common Share for gross proceeds of up to $5,000,000, pursuant to available exemptions from the prospectus requirements of applicable Canadian securities laws (the “\n \n Private Placement\n \n ” and, together with the LIFE Offering, the “\n \n Offerings\n \n ”). Warrants will not be issued to purchasers under the Private Placement.\n \n\n The Company’s principal and largest shareholder, PCEP Canadian Holdco LLC (“\n \n PCEP\n \n ”), along with certain directors and officers of the Company, have indicated an intention to participate in the Offerings in an aggregate amount of approximately $7,350,000 (collectively, the “\n \n Lead Orders\n \n ”). It is exp...