Hertz Energy announces investor participation in private placement
VANCOUVER - Hertz Energy Inc. (CSE:HZ) and OTCCB:HZLIF have announced that Coloured Ties Capital Inc. (TSXV:TIE) will be participating in the company's private placement. Coloured Ties, which currently owns 1,176,300 common shares (6.21% of the company), will subscribe for up to 2,777,777 HD Units at $0.18 each, potentially raising up to $500,000.
The move will increase Coloured Ties' shareholding to 3,954,077 shares (14.96% non-diluted, 23.05% partially diluted) and does not constitute a change in control. CEO and director Kal Malhi, who also owns 25.6% of Coloured Ties, participated in the offering but abstained from voting. The company is using exemptions from valuation and minority shareholder approval due to the offering's size relative to its market capitalization.
Completion depends on regulatory approvals from the Canadian Securities Exchange, with securities subject to a four-month hold period post-issuance.
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