10M financing news release"C1 ENERGY LTD. CLOSES BOUGHT DEAL PRIVATE PLACEMENT
C1 Energy has closed the previously announced bought deal flow-through common share financing, co-led by Sprott Securities Inc. and FirstEnergy Capital Corp. and including GMP Securities Ltd. C1 Energy issued four million flow-through common shares at $2.50 per flow-through common share for total gross proceeds of $10.0-million.
The proceeds of the flow-through common share offering will be used to incur qualifying expenditures on C1 Energy's asset base, prior to Dec. 31, 2005. The proceeds of the private placement may be used to temporarily reduce indebtedness until required for the foregoing purposes."