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:Result Energy closes $26-million private placement 2009-11-24 09:40 ET - News Release Mr. Brett Herman reports RESULT ANNOUNCES SHAREHOLDER CONSENT, CHANGE OF MANAGEMENT, CLOSING OF PRIVATE PLACEMENT AND SETS RIGHTS OFFERING RECORD DATE Result Energy Inc. has received the written consent of a majority of its shareholders to its previously announced $26-million non-brokered unit and share private placement.
Result is pleased to announce that it has completed the private placement that was announced on Nov. 5, 2009, in Stockwatch, pursuant to which result has issued 70,588,235 common shares at a price of 8.5 cents per common share and 58,823,529 units at a price of 34 cents per unit. Each unit comprises three common shares, one common share issued on a flow-though basis pursuant to the Income Tax Act (Canada) and four common share purchase warrants exercisable for a price of 11 cents subject to certain share performance criteria being satisfied. The units issued under the private placement will be subject to contractual escrow with one-third of such units released on the 12th, 18th and 24th month following the closing date of the private placement. The common shares issued under the private placement are also subject to contractual escrow with one-half of the common shares being released each six months following issuance. The aggregate gross proceeds pursuant to the private placement is $26-million.
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