Non-brokered offering funds capital expenditures, corporate purposes
By Devika Patel
Knoxville, Tenn., Dec. 21 - Pine Cliff Energy Ltd. announced a C$1.51 million non-brokered private placement of stock.
The company will sell 8.9 million common shares at C$0.17 apiece to insiders. The price per share is identical to the Dec. 20 closing share price.
Settlement is expected Feb. 3.
Proceeds will be used for 2012 capital expenditures and general corporate purposes.
The company said it also plans a $1.96 million rights offering for stockholders of record at the close of business on Jan. 11. The offering expires on Feb. 3 and will be made in Canada. Investors will receive one right for each common share held. Four rights are exercisable for one share at C$0.17. Investors who exercise all of their rights may buy additional shares, if available, that were not sold in the rights offering.
Pine Cliff is an oil and natural gas exploration and development company based in Calgary, Alta.
| Issuer: | Pine Cliff Energy Ltd.
|
| Issue: | Common shares
|
| Amount: | C$1,513,000
|
| Shares: | 8.9 million
|
| Price: | C$0.17
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 21
|
| Settlement date: | Feb. 3
|
| Stock symbol: | TSX Venture: PNE
|
| Stock price: | C$0.17 at close Dec. 20
|
| Market capitalization: | C$9.23 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
