Hemisphere Taps into Equity to Fund Drilling of Mannville Well
Closing - July 12, 2016
Hemisphere Energy Corporation reported the closing of the final tranche of its non-brokered private placement offering.
The aggregate funds raised by Hemisphere under the first and second closings of the Offering totaled $ 1,921,055 .
Hemisphere intends to use the proceeds from the Flow-Through Shares to drill a development well in its Atlee Buffalo Upper Mannville G oil pool, which is expected to be drilled in late July. Hemisphere has a 100% working interest in the Upper Mannville G pool, which is currently being re-energized through waterflood but has no producing wells at this time.
This facility will allow Hemisphere to increase injection and production rates while reducing operating costs associated with produced water.
Initial Announcement - June 9, 2016
Hemisphere Energy Corporation has commenced a non-brokered private placement offering of up to 3,100,000 common shares of Hemisphere at a price of $0.21 per Flow-Through Share.
This offering will amount to gross proceeds to the Company of up to $1,601,000 .
Hemisphere intends to use the proceeds from the Flow-Through Shares to drill a development well in its Atlee Buffalo Upper Mannville G oil pool as well as other recompletion or development drilling projects. Hemisphere has a 100% working interest in the Upper Mannville G pool, which is currently being re-energized through waterflood but has no producing wells at this time. Hemisphere plans to use the proceeds from the Common Shares to finance the addition of water handling and injection equipment to its existing battery in the Atlee Buffalo Upper Mannville F oil pool where the Company has successfully implemented three waterflood pilot projects, as well as for other general corporate purposes.
Closing of the Offering is expected to occur on or about June 28, 2016.
Canada Related Financings
Announced Date | Title | Company | Value($MM) | Financing Type |
---|---|---|---|---|
2019-10-01 | Journey Energy Taps Equity Markets for $7.3MM | Journey Energy Inc | 7.3 | Equity-Stock-Sales |
2018-10-16 | Pulse Oil Launches Equity Offerings; Eyes $8.0MM in Proceeds | Pulse Oil | 8 | Equity-Stock-Sales |
2018-06-11 | Saturn Taps into Equity Markets to Fund Viking Drilling | Saturn Oil and Gas Inc. | 1.34 | Equity-Stock-Sales |
2017-06-07 | Delphi Taps Equity Market for $65 Million | Delphi Energy Corp. | 65.3 | Equity-Stock-Sales |