Brownstone Energy Inc. - 2011-03-14
Description
Closed a private placement of units. The company raised gross proceeds of $28.75 million through the sale of approximately 30.3 million units at a price of $0.95 per unit.
Net proceeds will be used to fund the company's exploration and development programs in Colombia and offshore Israel, to pay debt and for working capital and general corporate purposes.
The offering was conducted through a syndicate of underwriters led by Jennings Capital Inc. and Dundee Securities Ltd. as co-lead underwriters, and including Clarus Securities Inc., Fraser Mackenzie Limited, PI Financial Corp. and All Group Financial Services Inc. PowerOne Capital Markets Limited was financial advisor.