Published on 10/8/2008 in the Prospect News PIPE Daily.
New Issue: Forbes Energy prices C$31.87 million private placement of shares
By Devika Patel
Knoxville, Tenn., Oct. 8 - Forbes Energy Services Ltd. said it plans to conduct a C$31.87 million private placement of stock.
The company will sell 7,966,500 common shares at C$4.00 apiece.
Proceeds will be used to reduce debt and acquire equipment.
Based in Alice, Texas, Forbes Energy is an independent oilfield services contractor that provides a range of drilling- and production-related services to oil and natural gas companies, primarily onshore in Texas.
| Issuer: | Forbes Energy Services Ltd.
|
| Issue: | Common shares
|
| Amount: | C$31,866,000
|
| Shares: | 7,966,500
|
| Price: | C$4.00
|
| Warrants: | No
|
| Pricing date: | Oct. 8
|
| Stock symbol: | Toronto: FRB
|
| Stock price: | C$2.59 at close Oct. 8
|
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