New Issue: Cano Petroleum plans $25 million private placement of shares

By Devika Patel

Knoxville, Tenn., Nov. 2 - Cano Petroleum, Inc. priced a $25.03 million private placement of stock.

The company said it will sell 3.5 million common shares at $7.15 per share.

Proceeds will be used to retire debt, to provide working capital and for general corporate purposes.

Based in Fort Worth, Texas, Cano is an oil and gas exploration company.

Issuer:	Cano Petroleum, Inc.
Issue:	Common shares
Amount:	$25,025,000
Shares:	3.5 million
Price:	$7.15
Warrants:	No
Pricing date:	Nov. 2
Stock symbol:	Amex: CFW
Stock price:	$7.82 at close Nov. 2

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