Non-brokered offering funds capital expenditures, corporate purposes
By Devika Patel
Knoxville, Tenn., Feb. 6 - Pine Cliff Energy Ltd. said it settled a C$1 million non-brokered private placement of stock. The deal priced for C$1.51 million on Dec. 21.
The company sold 5,882,000 common shares at C$0.17 apiece to insiders. The price per share is identical to the Dec. 20 closing share price.
Proceeds will be used for 2012 capital expenditures and general corporate purposes.
The company said it also settled an oversubscribed $1.96 million rights offering for stockholders of record at the close of business on Jan. 11. The offering expired on Feb. 3 and was made in Canada. Investors received one right for each common share held. Four rights are exercisable for one share at C$0.17. The company sold 11,536,423 shares in the offering.
Pine Cliff is an oil and natural gas exploration and development company based in Calgary, Alta.
| Issuer: | Pine Cliff Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$1 million
|
| Shares: | 5,882,000
|
| Price: | C$0.17
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | Dec. 21
|
| Settlement date: | Feb. 6
|
| Stock symbol: | TSX Venture: PNE
|
| Stock price: | C$0.17 at close Dec. 20
|
| Market capitalization: | C$17.07 million
|
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