Canadian Superior Swings Finance Deal from Trapeze
Canadian Superior Energy Inc. ("Canadian Superior") (the "Company") said that it has entered into an agreement with Trapeze Asset Management Inc. and Trapeze Capital Corp. for the purchase of $10,999,998 of flow-through common shares (the "Shares") at a purchase price of $2.57 per share. The financing is being completed as a private placement resulting in the issue of 4,280,155 common shares of Canadian Superior. Maison Placements Canada Inc. of Toronto, Ontario, Canada is Canadian Superior's agent for the transaction.
The issue is subject to normal regulatory approvals and closing is expected to occur on or before December 8, 2006. The Shares to be issued have not been registered under the United States Securities Act of 1933 and may not be offered or sold in the United States or to a U.S. person, absent registration, or an applicable exemption there from.
Proceeds from the issue will be used to fund increased capital expenditures and for general corporate purposes.
Canadian Superior is a Calgary, Alberta, Canada based oil and gas exploration and production Company with operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia. See Canadian Superior's website at www.cansup.com to review Canadian Superior's operations in Western Canada, Offshore Trinidad and Tobago and Offshore Nova Scotia interests.
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