GREY:EENZF - Post by User
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Thundersoleon Mar 12, 2013 1:40pm
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Post# 21117214
Rights to be exercised at .05
Rights to be exercised at .05
Estrella Int'l prices rights offering at five cents 2013-03-12 12:26 ET - News Release Mr. Warren Levy reports ESTRELLA SETS SUBSCRIPTION PRICE FOR RIGHTS OFFERING In connection with the preliminary long form rights offering prospectus filed with the securities regulatory authorities in British Columbia, Alberta and Ontario on Feb. 21, 2013, Estrella International Energy Services Ltd.'s board of directors has fixed the subscription price for each common share offered in the rights offering at five cents per share. In accordance with National Instrument 45-101 -- rights offerings, the 20-day average closing price of the common shares on the TSX Venture Exchange was 5.7 cents. Accordingly, the subscription price represents a 12-per-cent discount to the 20-day average closing price. As described in the preliminary prospectus, Ringo Holding LP, an affiliate of Southern Cross Latin America Private Equity Fund IV LP, and controlling shareholder of the company, has indicated its intention to exercise all of the rights issuable to it in connection with the rights offering, and may additionally exercise the additional subscription privilege (as such term is defined in the preliminary prospectus). The company anticipates raising gross proceeds of up to $25-million in connection with the rights offering. We seek Safe Harbor. |