Stylus Energy Closes $10 Million Bought Deal Private Placement
Stylus Energy has closed its previously announced private placement of 2,106,000 flow-through common shares at a price of $4.75 per flow-through common share for total gross proceeds of approximately $10 million. The offering was led by Peters & Co. Limited and included Acumen Capital Finance Partners Limited, Canaccord Capital Corporation and Sprott Securities Inc. Following this private placement, Stylus has 26,195,857 common shares outstanding.
Proceeds from the issuance of the flow-through common shares will be used to incur Canadian exploration expenses on continued exploration of Stylus' oil and natural gas properties prior to December 31, 2007 and will be renounced to subscribers of the flow-through common shares effective December 31, 2006.
Stylus is a Calgary-based junior oil and natural gas company with operations in Alberta. The common shares of Stylus are listed on the Toronto Stock Exchange and trade under the symbol "STY".
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