The Conversation (0)
Stans Energy Corp Closes $28,000,000 Private Placement
Apr. 28, 2011 03:38PM PST
Rare Earth InvestingStans Energy Corp. (CVE:RUU) reports that it has closed its previously reported private placement.
Stans Energy Corp. (TSXV:RUU) reports that it has closed its previously reported private placement.
The press release is quoted as saying:
Each Unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each whole warrant entitles the holder thereof to acquire one common share at a price of $2.25 CAD until April 28, 2013. Stifel Nicolaus Canada acted as Lead Agent for the Offering, with Clarus Securities Inc acting as Co-Manager (collectively, the “Agents”). The Agents received a cash commission equal to 6% of the gross proceeds of the Offering, and broker warrants entitling the Agents to purchase 908,108 shares at $1.85 CAD per share at any time up to and including April 28, 2013.
Stans Energy’s President and CEO, Robert Mackay says:
“The money raised from this financing will enable Stans to aggressively pursue our plans to become a significant Heavy Rare Earth producer in the near term, beginning with closing of Stans’ acquisition of the Heavy Rare Earth Processing Facility previously announced. Once the transaction is complete, a program to upgrade and refurbish the Complex will begin immediately.”