Business
EMERGE ANNOUNCES CLOSING OF $30 MILLION BOUGHT DEAL FINANCING AND PROVIDES OPERATIONAL UPDATE
EMERGE ANNOUNCES CLOSING OF $30 MILLION BOUGHT DEAL FINANCING AND PROVIDES OPERATIONAL UPDATE
About this update from Vaxil Bio Ltd.
[{"type":"text","content":"\n\n\n\n Oct. 14, 2010 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nCALGARY, Oct. 14 /CNW/ - Emerge Oil & Gas Inc. ("Emerge" or the "Company") (TSX: EME) is pleased to announce the\n closing of its recently-announced bought deal equity financing, and is\n providing an operational update following an active third quarter.\n\n\nEquity Financing\n\n\nToday the Company closed its recently-announced equity financing of 8.85\n million common shares sold at a price of $3.40 per common share for\n gross proceeds of $30.1 million (approximately $28.5 million net after\n issuance costs) (the "Financing").  The Financing was underwritten by a\n syndicate of underwriters co-led by National Bank Financial Inc. and\n Dundee Securities Corporation, and including Cormark Securities Inc.,\n GMP Securities L.P. and Peters & Co. Limited.  The net proceeds will be\n used by the Company to initially reduce bank debt, and subsequently to\n increase its 2010/2011 capital program and for general corporate\n purposes.  Emerge now has 91,926,767 common shares outstanding.\n\n\nOperational Update\n\n\nDrilling\n\n\nEmerge has continued its drilling program focused in the Lloydminster\n area where the Company has now drilled and cased 49 wells to-date. \n Emerge drilled 24 heavy oil wells in Q3 2010 at a 100% working interest\n and a 100% success rate, bringing our year-to-date average success rate\n to 98%.  Initial production rates of 45 to 50 boe/d f...