Lonestar West Closes $1.2-Million IPO Financing
December 17 2008 - 4:01PM
Marketwired
Lonestar West Inc. (TSX VENTURE: LSI) ("Lonestar" or "the Company")
announced the successful closing of its IPO financing (the
"Offering") of 2,431,000 common shares (each a "Common Share") at
the price (the "Offering Price") of $0.50 per Common Share for
gross proceeds of approximately $1,215,500.
Standard Securities Capital Corporation ("Standard Securities")
acted as lead agent under the Offering. The lead agent and sub
agents were paid a cash commission of $67,990 and the Company also
issued compensation options to acquire a total of 135,980 Common
Shares exercisable at the Offering Price expiring December 17,
2010.
The Company also announced that the TSX Venture Exchange has
been provided with final documentation, and, subject to TSX Venture
Exchange final approval, the posting and listing for trading of the
Common Shares will occur as of the open of markets on or about
December 22, 2008 under the symbol "LSI".
About Lonestar West
The Company is an Alberta based company providing industrial
vacuum services. The Company currently operates a fleet of six
vacuum trucks and two hydro-vac trucks. The Company's plan is to
increase its fleet of hydro-vac trucks over the next 12 months. The
Company's customers are primarily engaged in oil and natural gas
exploration and development and mid-stream infrastructure
construction and maintenance. The Company currently has 12,921,235
shares outstanding and on or about December 22, 2008 will commence
trading on the TSX Venture Exchange under the symbol "LSI".
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
Contacts: Lonestar West Inc. James Horvath President & CEO
(403) 887-2074 Email: infor@lonestarwest.com Website:
www.lonestarwest.com