InvestorsHub Logo
Followers 8
Posts 682
Boards Moderated 1
Alias Born 04/13/2001

Re: None

Tuesday, 08/03/2004 8:22:00 PM

Tuesday, August 03, 2004 8:22:00 PM

Post# of 66
Antrim aims to raise $7.5-million

2004-08-03 12:06 ET - News Release


Mr. Stephen Greer reports

ANTRIM ENERGY INC. ANNOUNCES PROPOSED PRIVATE PLACEMENT

Antrim Energy Inc. has entered into an agreement with Octagon Capital Corp., Canaccord Capital (Europe) Ltd. and Regent Mercantile Bancorp whereby Octagon and Canaccord will co-lead to purchase on a bought deal basis a total of 4,687,500 units at a price of $1.60 per unit for gross proceeds of $7.5-million. The underwriters will also act on a best efforts basis in respect of a private placement to European and Canadian investors of up to 4,687,500 units for additional gross proceeds of $7.5-million. Each unit consists of one common share and one-half of one warrant. Each whole warrant shall be exercisable for a period of 12 months following the closing of the offer and shall entitle the holder thereof to acquire one additional common share of Antrim at a price of $2.10 per share. Common shares issued pursuant to the arrangements set out above are expected to be admitted to listing and trading on the Toronto Stock Exchange in Canada and AIM in the United Kingdom.

Antrim plans to use the net proceeds of this offering for financing further North Sea acquisitions and development and for corporate working capital. It is contemplated that the offering will close on Aug. 18, 2004, and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory approvals.

WARNING: The company relies upon litigation protection for "forward-looking" statements.


K.D.


Join InvestorsHub

Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.