representative work

Desert Lion Completes $9.8 Million Private Placement of Subscription Receipts

12/29/2017

On December 29, 2017, Desert Lion Energy Corp. completed the third tranche a partially brokered and partially non-brokered private placement of subscription receipts at a price of $1.82 per subscription receipt. Desert Lion issued a total of 5,401,207 subscription receipts for aggregate gross proceeds of $9.8 million.

The brokered portion of the private placement was completed by a syndicate of agents, led by Haywood Securities Inc. and including Eight Capital.

Each subscription receipt entitles the holder thereof to receive one common share and one-quarter of one common share purchase warrant of Desert Lion upon satisfaction of certain escrow release conditions (including, among others, the receipt of applicable regulatory and shareholder approvals of the business combination as described below).

The offering was conducted in connection with the proposed business combination involving Desert Lion and Camex Energy Corp. pursuant to which 2590945 Ontario Inc., a wholly-owned subsidiary of Camex, and Desert Lion will amalgamate to form a new company, and upon such amalgamation, the former shareholders of Desert Lion will receive one post-consolidation common share of Camex for each common share of Desert Lion held and the amalgamated entity will become a wholly-owned subsidiary of Camex.

Cassels acted for Desert Lion with a team that included Jamie Litchen (Securities and Mining).