October 08, 2009
Cantrell Capital Corp. (TSXV: CLJ-H) completed a private placement of 161,400,000 subscription receipts and 18,600,000 units at a price of $0.25 per subscription receipt and per unit for aggregate gross proceeds of $45,000,000. The subscription receipts were issued in connection with the proposed acquisition by Cantrell of all of the issued and outstanding shares of Imore S.A., a private Panamanian company with certain oil and gas interests in Colombia. Upon completion of the acquisition and the satisfaction of certain other conditions, each subscription receipt will automatically convert into one unit of Cantrell consisting of one common share and one common share purchase warrant exercisable to acquire one common share of Cantrell at a price of $0.75 per share until October 8, 2014. The 18,600,000 units issued under the private placement are identical to the units into which the subscription receipts will convert. The net proceeds from the sale of the units are to be applied towards Cantrell’s $5,000,000 investment in Petro Vista Energy Corp., an exploration company engaged in the acquisition, exploration and development of oil and natural gas properties located in South America.
The subscription receipts and units were sold through a syndicate of agents co-led by GMP Securities L.P. and Canaccord Capital Corporation and included Raymond James Ltd.
Wildeboer Dellelce LLP acted for the agents in connection with the offering with a team that included Perry Dellelce, James Brown, Sanjeev Patel, Irene Kim and Zahar Orlov (corporate/securities) and Andrea Shreeram (tax).