BRIEF-Gear Energy to issue 25 mln common shares at $0.70 per/shr

Wed Jun 8, 2016 9:44am EDT
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June 8 (Reuters) - Gear Energy Ltd

* Will now issue 25.0 million common shares at a price of $0.70 per common share for gross proceeds of $17.5 million

* Net proceeds from offering will initially be used to repay outstanding bank indebtedness

* Gear energy ltd. Announces increase to bought deal equity financing Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +1-646-223-8780)