This item is part of Stockwatch's value added news feed and is only available to Stockwatch subscribers.Here is a sample of this item:Canacol Energy closes $40-million private placement 2009-10-15 11:48 ET - News Release Mr. Charle Gamba reports
CANACOL ENERGY LTD. ANNOUNCES THE CLOSING OF ITS UNDERWRITTEN PRIVATE PLACEMENT
EQUITY FINANCING
Canacol Energy Ltd. has closed its previously announced underwritten private placement financing, including the exercise, in full, of the underwriters' option, for total gross proceeds of $40,000,240. Pursuant to the financing, the corporation has issued 142,858,000 common shares at a price of 28 cents per common share. The offering was completed by a syndicate of underwriters, led by Canaccord Capital Corp. and including FirstEnergy Capital Corp. The corporation plans to use the proceeds of the offering to finance all of its planned exploration and development activities through 2010. These activities include the continued appraisal and development of its share of the Capella oil discovery in Colombia, the continued development drilling of its operated oil producing assets in Colombia, and the drilling of three exploration wells in 2010. A portion of the finances will also be used to repay a portion of the corporation's outstanding debt. The remainder is available to Stockwatch subscribers.
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