FINANCING / Stellarton Energy closes Special Warrants
CALGARY, Feb. 26 /CNW/ - Stellarton Energy Corporation (SRT.A:ASE) today
announces that the Corporation's Special Warrant offering was fully subscribed
and the Corporation has closed the issue of 2,600,000 Special Warrants at
$4.05 per warrant. Each Special Warrant is exchangeable for one Common Share
of the Corporation at no additional cost. Bunting Warburg Inc. acted as sole
underwriter for the offering.
The gross proceeds raised by the offering were $10,530,000. The net
proceeds from the issuance of Special Warrants will be used by the Corporation
to finance the expansion of its Secure Oil Tool Division and for general
corporate purposes.
The Corporation, through Secure Oil Tools, designs, manufactures, sells
and services a variety of oilfield tools used to economically increase
production and reserves from oil and natural gas reservoirs. In addition to
supplying equipment, Secure can provide its customers with evaluation
services, custom designed equipment, equipment installation, and follow-up
operations and service to ensure the equipment is continuously optimized. In
addition to tool production, Secure provides field services to customers, and
installation and onsite operator training to ensure clients understand and can
properly monitor the technology.
Secure has four main product lines: enhanced production systems, thermal
tools, sand retainment technology (MeshRite(TM)) and multi lateral production
systems (MLPS).
Stellarton is an oil and gas production company and an oil field service
company based in Calgary. The company trades on The Alberta Stock Exchange
under the symbol SRT.A.
|
