Grand Banks Energy to Raise Funds for Exploration
Grand Banks Energy
|Monday, February 14, 2005
Grand Banks Energy Corporation has entered into a bought deal financing agreement, led by Haywood Securities Inc., to issue 2.5 million flow-through common shares on a private placement basis at a price of $1.95 per share, for gross proceeds of $4.875 million. In addition the Company has granted the underwriters an over allotment option of 500,000 flow-through shares at the issue price.
This offering is subject to the approval of the TSX-Venture Exchange.
The net proceeds from the offering will be used for exploration and development, including the Company's participation in an expanded high impact deep gas exploration program. This program will involve the drilling, over the next year, of up to seven 3D seismically defined Devonian targets located in West Central Alberta and N.E. British Columbia.