CALGARY, Alberta – Razor Energy Corp. (“Razor” or the “Company”) (TSXV: RZE) is pleased to announce that it has closed its previously announced private placement of common shares of Razor (each, a “Razor Share”) for a subscription price of $0.84 per Razor Share (the “Issue Price”) with Alberta Investment Management Corporation (“AIMCo”), on behalf of certain of its clients, and certain members of management (the “Private Placement”).
Pursuant to the Private Placement, AIMCo has subscribed for 2,200,000 Razor Shares with aggregate proceeds of $1,848,000. Certain members of management have collectively subscribed for 50,000 Razor Shares at the Issue Price for proceeds of $42,000. The Razor Shares issued under the Private Placement will have a four month hold period that will expire on February 23, 2022.
At closing Razor will have 23,314,466 common shares issued and outstanding.
The proceeds of the Private Placement will be used by Razor to continue its well reactivation program and for general corporate purposes.
Razor is a publicly traded junior oil and gas development and production company headquartered in Calgary, Alberta, concentrated on acquiring, and subsequently enhancing, and producing oil and gas from properties primarily in Alberta. The Company is led by experienced management and a strong, committed Board of Directors, with a long-term vision of growth focused on efficiency and cost control in all areas of the business. Razor currently trades on TSX Venture Exchange under the ticker “RZE.V”.
AIMCo is one of Canada’s largest and most diversified institutional investment managers with more than C$120 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 33 pension, endowment and government funds in the Province of Alberta. AIMCo’s head office is located in Edmonton, Alberta, with additional offices located in Toronto, London, and Luxembourg.