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| Home : Birch Lake Capital Inc. Announces Proposed $2,500,000 Private Placement Financing |
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Jun 01
2011 |
Birch Lake Capital Inc. Announces Proposed $2,500,000 Private Placement Financing |
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CALGARY, ALBERTA--(Marketwire - May 31, 2011) - Birch Lake Energy Inc. ("Birch Lake" or the "Corporation) (TSX VENTURE:BLK) announces its intention to complete a non-brokered private placement offering of up to 7,812,500 common units at $0.16 per common unit and up to 6,250,000 flow-through units at $0.20 per flow-through unit, for aggregate total gross proceeds of up to $2,500,000. Each common unit will consist of one common share and one common share purchase warrant. Each flow-through unit will consist of one common share to be issued on a "flow-through" basis and one half of one common share purchase warrant. Each whole warrant will entitle the holder thereof to acquire one common share at a price of $0.30 per share for a period of one year after the closing. If, at any time after the expiry of the 4 month hold period, the closing price of the common shares on the TSX Venture Exchange is at least $0.45 for a period of 5 consecutive trading days, the Corporation may, at its option, accelerate the expiry date of the warrants by giving written notice thereof to all holders of warrants, and, in such case, the warrants will expire on the date which is the earlier of: (i) the 21st day after the date on which such written notice is given by the Corporation; and (ii) the original expiry date. |
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| Source:http://www.marketwire.com/mw/release.do?id=1520944&sourceType=3 |
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