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FINWIRES

Crown Point Energy Completes $30 Million Rights Offering

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Crown Point Energy (CWV.V) completed its rights offering, which expired on July 13, raising $30 million, the company said after markets closed Thursday.

The company issued 240 million shares priced at $0.125 each, at closing, said the company.

An insider and the company's largest shareholder, Liminar Energia S.A., acquired around 238.3 million shares in connection with the rights offering under its stand-by commitment, the company said.

Gross proceeds were used to make an equity investment in the company's wholly owned subsidiary, Crown Point Energia S.A., added Crown Point Energy.

The company's shares were last seen unchanged at C$0.165 on the TSX Venture Exchange.

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