Edge Resources Inc. (“Edge” or the “Company”) is pleased to announce that, on the heels of its $5 million common share offering in the UK, it has raised a further $1 million from Canadian subscribers (the “Offering”) in response to the oversubscribed UK offering.
The majority of the Offering, $1,031,440, represented flow-through subscriptions at a price of
.32 per share (an 18.5% premium to Monday’s closing price), with the remaining $29,500 in common shares at
.25 per share (a 7.4% discount to Monday’s closing price).
Directors, officers, employees and consultants of the Company subscribed for 20%, or $215,000, of the Offering.
The Company paid cash commissions equal to 4% of the gross proceeds of the Offering, with no broker warrants and no warrants attached to the securities.
Brad Nichol, President & CEO of Edge, commented: “This financing represented an opportunity for key members of our team to invest heavily in our future. This, combined with the continued support from our large, blue-chip institutional investors provides the resources to fully engage in the large drilling runway on our existing lands. We are keen to get the drilling program kicked-off and we’ve already taken the initial steps. We expect to see progress on the drilling program in the new year.”
Proceeds from the Offering will be used for continued exploration and development of the Company’s lands in western Canada and for general working capital purposes.
The securities issued in the Offering will be subject to a hold period of four months plus one day from closing. The closing is subject to applicable regulatory and TSX Venture and AIM Exchange approvals.
For more information, visit the company website: www.edgeres.com or contact:
Brad Nichol – President & CEO
Phone: +1 (403) 767 9905