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Tenaz Energy Corp. Announces Closing of Rights Offering and Effective Date of Share Consolidation
Tenaz Energy Corp. Announces Closing of Rights Offering and Effective Date of Share Conso...
About this update from Tenaz Energy Corp
[{"type":"text","content":"\n \n \n \n Tenaz Energy Corp. Announces Closing of Rights Offering and Effective Date of Share Consolidation\n \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 Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Dec. 17, 2021\n \n /CNW/ - Tenaz Energy Corp. (\"\n \n Tenaz\n \n \" or the \"\n \n Company\n \n \") (TSXV: TNZ) is pleased to announce the closing of its previously announced (see the Company's news release dated\n \n November 8, 2021\n \n ) rights offering (the \"\n \n Rights Offering\n \n \") of rights of the Company (the \"\n \n Rights\n \n \"), which expired at\n \n 4:00 p.m.\n \n (\n \n Calgary\n \n time) on\n \n December 13, 2021\n \n . Tenaz is also pleased to announce that it will now proceed with its previously announced Share Consolidation (as defined below).\n \n \n \n \n \n \n \n \n \n \n Rights Offering\n \n \n \n Under the Rights Offering, holders of Rights purchased an aggregate of 10,179,840 common shares of Tenaz (\"\n \n Common Shares\n \n \") at a subscription price of\n \n $0.18\n \n per Common Share for aggregate gross proceeds of approximately\n \n $1.8 million\n \n . The net proceeds of the Rights Offering will be used by Tenaz for general corporate purposes, capital expenditures and the acquisition of global oil and gas assets.\n \n \n To the knowledge of Tenaz, insiders of Tenaz (being\n \n John Chambers\n \n ,\n \n David Burghardt\n \n and\n \n Travis Stephenson\n \n ) subscribed for and received an aggregate of 218,425 Common Shares pursuant to the Rights Offering. All other Rights holders, as a group, subscribed for 9,961,415 Common Shares pursuant to the Rights Offering. There was no additional subscription privilege or stand-by commitment under the Rights Offering. To the knowledge of Tenaz, no person became an insider as a result of the Rights Offering.\n \n \n Upon closing of the Rights Offering, a total of 283,980,814 Common Shares were issued and outstanding. The Rights Offering remains subject to the final acceptance of the TSX Venture Exchange (the \"\n \n TSXV\n \n \"). No fees or commission...