amarks, SHY.V -- No need to speculate, just read the PR about it. By your questions it obvious you haven't read it, see below.
Sharon to raise $5-million for U.S. exploration
2005-12-01 19:22 ET - News Release
Mr. Kip Ferguson reports
SHARON ANNOUNCES $5 MILLION FINANCING
Sharon Energy Ltd. has entered into an agreement with Research Capital to act as agent in respect of the issue of up to 10 million units, at an issue price of 50 cents per unit, on a best-efforts basis.
Each unit will consist of one common share and one-half of one private placement warrant. Each whole private placement warrant will entitle the holder to acquire one common share at an exercise price of 65 cents per common share for a period of 18 months from closing of the offering.
Humboldt Capital has indicated that it intends to subscribe for four million units for a total subscription price of $2-million. R.W. Lamond and Humboldt together own 14,925,667 common shares of the company (38.7 per cent). R.W. Lamond has options to purchase a further 150,000 common shares of the company. R.W. Lamond owns approximately 67.6 per cent of the outstanding common shares of Humboldt. Assuming the maximum number of units are issued, R.W. Lamond and Humboldt together will own 18,925,667 common shares of the company (35.4 per cent) and warrants and options exercisable, in total, for the purchase of an additional 2.15 million common shares. Two of the directors of Humboldt and certain officers are also directors and officers of the company.
The closing of the offering is subject to receipt of all necessary regulatory approvals.
The agent will receive a commission of 7 per cent on the units sold, other than units sold to Humboldt, and broker's warrants to purchase 7 per cent of units sold, other than units sold to Humboldt, exercisable for a period of up to 18 months from closing of the offering.
The proceeds from this offering will be added to working capital and will be used to finance the company's exploration and development program in the United States.
We seek Safe Harbor. |
