Edge Resources (EDE-V) Oversubscribe UK private placement
www.edgeres.com
109.2 million o/s
$6.2 million cash
Key people
Brad Nichol – President and CEO
Brad Nichol has held roles in the executive suite of junior oil and gas exploration and production companies. His experiences are in private and public startups, takeovers and turnarounds. In his position as Management Consultant at a top-tier international firm, Mr. Nichol advised the CEOs and CFOs of Fortune 500 corporations on business and corporate strategies, mergers & acquisitions and corporate reorganizations throughout Europe and the US.
Mr. Nichol joined Schlumberger in 1992, and enjoyed an international career focused on technical excellence, project management and field operations. His early career focused on reservoir evaluation and enhancement strategies. In 1996 he assumed responsibility for reservoir stimulation and wellbore construction services for BP in Colombia. In 1999 Mr. Nichol joined a U.K business unit in the Measurement and Systems division of Schlumberger, and was on the team responsible for the corporate turnaround and eventual sale of that business.
Mr. Nichol is a Professional Engineer (Mechanical) and earned his MBA, with honours, from the London Business School.
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Edge Resources closes $1.06-million private placement -
Dec 19, 2012 - News Release
Edge Resources Inc., on the heels of its $5-million common share offering in the United Kingdom, has raised a further $1-million from Canadian subscribers in response to the oversubscribed U.K. offering.
The majority of the offering, $1,031,440, represented flow-through subscriptions at a price of 32 cents per share (an 18.5-per-cent premium to Monday's closing price), with the remaining $29,500 in common shares at 25 cents per share (a 7.4-per-cent discount to Monday's closing price).
Directors, officers, employees and consultants of the company subscribed for 20 per cent, or $215,000, of the offering.
The company paid cash commissions equal to 4 per cent of the gross proceeds of the offering, with no broker warrants and no warrants attached to the securities.
Brad Nichol, president and chief executive officer of Edge, commented: "This financing represented an opportunity for key members of our team to invest heavily in our future. This, combined with the continued support from our large, blue-chip institutional investors provides the resources to fully engage in the large drilling runway on our existing lands. We are keen to get the drilling program kicked off and we've already taken the initial steps. We expect to see progress on the drilling program in the new year." |
