Business
MATRRIX Energy Technologies Inc. Announces Increase of Previously Announced Equity Offering to $20 Million
MATRRIX Energy Technologies Inc. Announces Increase of Previously Announced Equity Offerin...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n\n\n\nMATRRIX Energy Technologies Inc. Announces Increase of Previously Announced Equity Offering to $20 Million\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\n\n\n\n\n\n\nCanada NewsWire\nCALGARY, Nov. 13, 2017\n\n\n\nCALGARY, Nov. 13, 2017 /CNW/ - Further to its press release dated October 31, 2017, MATRRIX Energy Technologies Inc. (\"MATRRIX\" or the \"Corporation\") (TSXV: MXX) is pleased to announce the Corporation is increasing its previously announced private placement of common shares (the \"Private Placement\") from gross proceeds of approximately $7 million to gross proceeds of approximately $20 million. Due to strong demand from existing and new shareholders, the Private Placement will now consist of approximately 64,520,000 common shares at a price of $0.31 per common share.\n\nThe proceeds of the Private Placement will be used for capital expansion, repayment of debt, and working capital.\n\nThe Private Placement will be completed pursuant to the terms of an agency agreement between the Corporation and Lightyear Capital Inc.\n\nClosing of the Private Placement is subject to certain conditions including, but not limited to, the receipt of the approval of the TSX Venture Exchange. \n\nAbout MATRRIX\n\nTo complement its existing horizontal and directional drilling operation, MATRRIX executed a series of strategic moves earlier this year including the return of Elson McDougald to its board of directors, the appointment of Lyle Whitmarsh as President - Rig Division, the addition of Terry Kuiper as Sales Manager - Rig Division,  the purchase of 3 heavy, telescopic double drilling rigs located in S.E. Saskatchewan from Vortex Drilling Ltd. through a receivership process, and the signing of a definitive agreement to purchase all the outstanding shares of Stampede Drilling Ltd. (\"Stampede\").\n\nLeveraging from the success Stampede has enjoyed in S.E. Saskatchewan since its inception in 2011, MATRRIX will deliver high quality, regionally focused drilling operations for its oil and gas clients, utilizing the existing Stampede leadership and the resulting 6 ri...