Finance & Investing | Capital Markets
Mountainview Plans $25MM Private Placement to Fund Bakken Ops
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Mountainview Energy Ltd. reported that its board of directors has approved a private placement through an agent, pursuant to which the Agent will offer for sale up to units of the Corporation for aggregate gross proceeds of up to $25 million, or such greater amount as may be determined by Mountainview.
Each Unit will consist of one common share of Mountainview at a price to be determined in the context of the market and one-half of one Common Share purchase warrant, which shall entitle the holder thereof to purchase one Common Share at a price to be determined in the context of the market for a period of 24 months following the closing date of the Private Placement.
The Offering is expected to close on or about November 1, 2014. The net proceeds from the Offering will be used by the Company for further development of the Company's drilling program on its 12 Gage project in the Williston Basin, for general corporate and working capital purposes and to repay indebtedness.
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