FINANCING / Northline Energy Services announces Private Placement
1998-04-14
SYLVAN LAKE, ALBERTA
NORTHLINE ENERGY SERVICES INC. ("Northline") (ASE: NES) is pleased to
announce that it has priced its previously announced private placement to be
completed as part of its Major Transaction.
Northline intends to complete a private placement ("Private Placement") of a
minimum of 400,000 and a maximum of 1,000,000 Units at a price of $1.05 per
unit for gross proceeds of $420,000 and $1,050,000, respectively, in a
private placement to investors, and possibly to directors and officers of
Northline pursuant to applicable securities act exemptions. Each Unit will
consist of one common share and one share purchase warrant. Each share
purchase warrant will entitle the holder thereof to purchase one additional
common share at a price of $1.50 per share for a period of up to one year.
Northline may engage registered dealers in the Province of Alberta to assist
Northline in the Private Placement and may pay the registered dealers a
commission of up to 10%. The price per common share was established by the
board of directors of Northline.
The completion of the Private Placement is subject to regulatory approval and
Northline is required to file a formal application with The Alberta Stock
Exchange within 14 calendar days of this press release.
For further information contact Norbert Loiselle, President of Northline, at
(403) 918-1171. |
