Business
Company Closes Private Placement
Company Closes Private Placement.
About this update from Xxl Energy Corp.
[{"type":"text","content":"\n\n\n\n\nTSXV Symbol: EXX\n\nMONTREAL, April 26 /CNW Telbec/ - Further to the Company's announcement\non February 15, 2006, of a private placement of up to 15,000,000 units at\nCdn$3.00 per unit, the Company will conclude a placement on 5,000,000 units at\nCdn$3.00, as approved by the TSX Venture Exchange on April 20, 2006. The\nCompany has closed on the first 4,000,000 units of the placement at the\nequivalent in U.S. funds of Cdn$3.00 per unit, with each unit comprising one\ncommon share and one share purchase warrant. Four warrants are required to\npurchase one additional common share at a price of Cdn$3.75, during the\nexercise period and upon the other terms and conditions as originally\nannounced. The warrants contain a \"forced exercise\" provision that provides\nthat if at any time after August 26, 2006, the shares of the Company close at\na price of at least Cdn$6.00 for ten consecutive trading days then, subject to\nthe Company providing notice of the event, the warrants will be exercisable\nonly for a period of 15 business days following the tenth such trading day.\nThe Company has paid the U.S equivalent of Cdn$750,000 in cash and issued\nadditional share purchase warrants to a U.S. broker dealer engaged as\nfinancial advisor in connection with the transaction. The warrants entitle the\nadvisor to purchase 120,000 common shares of the Company at a price of\nCdn$3.00 per share during the same exercise period and upon the same terms and\nconditions as the warrants comprised in the private placement units.\nThe common shares and warrants referred to in the foregoing, and any\nshares issued pursuant to the exercise of the share purchase warrants, are\nsubject to a four month hold period under applicable securities laws, and\nimposed by the TSX Venture Exchange, expiring August 26, 2006.\nThe Company expects to close on the remaining 1,000,000 units shortly.\n\nFor further information concerning this announcement, please contact Neil\nMurray-Lyon or Christine Stewart of Renmark Financial Communications Inc. at\n(514) 939-3989.\n\nThe TSX Venture Exchange has not reviewed and does not accept\nresponsibility for the adequacy or accuracy of this release.\n\n\n","length":2236,"tagName":"div"}]