Intercept
Energy Services, an oilfield services firm primarily focused on servicing oil
and gas companies and their fracking operations, Monday said it has completed a
tranche of a private placement financing of up to 10 million units at a price
of $0.05 per share resulting in gross proceeds of up to $500,000.
Each unit
will consist of one common share of the company and one share purchase warrant
that entitles the holder to purchase one additional common share of the company
at a price of $0.075 per share for a two-year period following the close of the
offering. The warrants are subject to an accelerated expiry; if at any time
after the standard four-month hold period the closing price of the company’s
common shares on the TSX Venture Exchange (TSX) exceed $0.15 for 10 consecutive
trading days, the warrant holder will be given notice that the warrants will
expire 31 days following the date of the notice. The offering is subject to the
approval of the TSX.
Intercept
Energy has sold 1 million units for gross proceeds of $50,000 pursuant to this
tranche. The company said it intends to use the proceeds to expand its business
operations in the Bakken area of Williston, North Dakota, as well as for
general operating expenses.
Intercept
Energy, through its wholly owned subsidiary Intercept Rentals, operates a fleet
of proprietary frack water heating units. The company offers its frack water
heating services to various oil and gas companies that require heated water for
their fracking operations.
For more
information, visit www.InterceptEnergy.ca
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