Aroway Energy Inc. announced that it has received CAD 4.22 million in funding.
On December 5, 2012, the company closed the first tranche of the transaction. The company issued 6,043,981 flow-through units and 1,352,000 non flow-through units for total gross proceeds of CAD 4,000,190. The warrants issued under this tranche will expire on December 4, 2013. Secutor Capital Management Corporation and Marquest Capital Markets acted as the placement agents and received a fee equal to CAD 280,013.3. Each compensation option is exercisable at CAD 0.50 per share and will expire on December 4, 2013. The securities issued under this tranche are subject to a hold period expiring on April 5, 2013.
On December 12, 2012, the company announced TSX Venture Exchange has accepted for filing documentation. The transaction involves participation from 69 placees in its first tranche. Chris Cooper, Alan Young, James Roger, Chester C. Kmiec, and Scott MacDonald each subscribed for 400,000 non-flow through units, 35,000 flow through units, 96,000 flow through units, 55,000 flow through units, and 20,000 flow through units. Marquest Asset Management Inc, Secutor Capital Management Corporation, Canaccord Genuity Corp, Macquarie Private Wealth Inc, Leede Financial Markets Inc, Fin-XO Securities Inc, Jennings Capital Inc, Accilent Capital Management Inc, Redplug Capital Corp, CIBC, PI Financial Corp, Wolverton Securities Ltd, Haywood Securities Inc, and Raymond James Ltd each received CAD 73,403 and 75,307 options, CAD 77,403 and 145,307 options, CAD 7,205 and 1,200 options, 27,788.43 and 49,500 options, CAD 20,865 and 34,500 options, CAD 5,721 and 10,500 options, CAD 44,999.99 and 81,818,CAD 3,503.50 and 6,370 options, CAD 32,076 and 99,216, CAD 385,CAD 192.50,CAD 385, CAD 350, and CAD 4,235 respectively as finder's fee.
On December 20, 2012, TSX Venture Exchange accepted for filing documentation with respect to the second and final tranche of the transaction. The company will issue 381,500 flow-through units and 20,000 non flow-through units to six placees for gross proceeds of CAD 219,825. The company will pay finders' fees of CAD 6,043.88 and will issue 18,105 options to Secutor Capital Management Corporation, CAD 346.50 to Leede Financial Markets Inc., CAD 1,925 to RBC Dominion Securities, and CAD 1,572.38 to Canaccord Genuity Corp.
On December 20, 2012, Aroway Energy Inc. closed the transaction. The warrants issued under the second and the final tranche will expire on December 4, 2013. Each compensation option issued under this tranche will mature on December 21, 2013. The securities issued under the second tranche are subject to a hold period expiring on April 22, 2013.