The company will issue 49.57M new shares at C$0.41 each to raise at least C$15.6 million for exploration activities.
Sintana Energy (SEUSF) announced a private placement to issue up to 49.57 million new common shares at C$0.41 per share, targeting gross proceeds of C$15.6 million ($11.5M). The funds will support ongoing projects, including a three-well drilling program.
The offering aims to secure capital for exploration and development, with pricing reflecting current market conditions. No prior fundraising of this scale has been disclosed recently for the company.
Shares of Sintana Energy trade over-the-counter, and no immediate market reaction was reported following the announcement.