Ridgeway raises C1.5 million

Don Whiteley

Petroleum News Contributing Writer

Calgary-based Ridgeway Petroleum Corp. has completed a deal that raised C$1.5 million through a short form offering of 750,000 units through First Associates Investments Inc.

Each unit comprises one common Ridgeway share and one-half non-transferable share purchase warrant, each whole warrant entitling the holder to purchase one additional common share of the company at a price of $2.35 per share.

Net proceeds of the offering will be added to the company’s working capital and used to fund lease rental payments and a proposed three well development/appraisal project at Ridgeway’s St. Johns helium/CO2 project located in eastern Arizona and Western New Mexico.

Ridgeway controls the largest known accumulation of undeveloped helium and CO2 in the world. Helium is indispensable for such applications as MRI processing in hospitals, the success of NASA space shuttle missions, and research using superconducting magnets, while CO2 is critical to the enhanced oil recovery industry.