Key Developments: Painted Pony Petroleum Ltd (PDPYF.PK)
9.20USD
22 May 2013
$0.18 (+1.99%)
$9.02
$9.53
$9.53
$9.20
285
6,066
$12.27
$6.19
Latest Key Developments (Source: Significant Developments)
Painted Pony Petroleum Ltd Announces Closing of $172.5 Million Bought Deal Equity Financing
Painted Pony Petroleum Ltd announced that it has closed its previously announced bought deal financing (the Offering). Pursuant to the Offering, the Company has issued a total of 16,997,000 common shares in the capital of the Company (Common Shares), which included the full exercise of the over-allotment option granted to the underwriters of the Offering. All of the Common Shares were issued at a price of $10.15 per Common Share for gross proceeds of $172,519,550. The syndicate of underwriters was led by Cormark Securities Inc., and included FirstEnergy Capital Corp., RBC Capital Markets, CIBC, Scotia Capital Inc., AltaCorp Capital Inc. and Stifel Nicolaus Canada Inc. The Company intends to use the net proceeds of the Offering to fund the purchase price of the Kobes asset acquisition in the Montney area of northeast British Columbia (the Acquisition), as previously announced on December 4, 2012, to partially fund ongoing capital expenditures and to fund potential future acquisitions. Full Article
Painted Pony Petroleum Ltd Announces Strategic Northeast BC Montney Asset Acquisition; $150 Million Bought Deal Common Share Equity Financing
Painted Pony Petroleum Ltd announced that it has entered into a purchase and sale agreement with an independent oil and gas producer to acquire certain assets and lands in the Kobes area adjacent to Painted Pony's core Montney project in Northeast British Columbia (BC) for $108 million, before closing adjustments and related costs. Painted Pony also announces that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and including FirstEnergy Capital Corp., RBC Capital Markets, CIBC, Scotia Capital Inc., AltaCorp Capital Inc. and Stifel Nicolaus Canada Inc. pursuant to which the Underwriters have agreed to purchase for resale to the public, on a bought deal basis, 14,780,000 common shares at $10.15 per Common Share for aggregate gross proceeds of approximately $150 million. Painted Pony has granted the Underwriters an over-allotment option which would increase the aggregate gross proceeds of the Offering to $172.5 million if fully exercised. Under the terms of the Acquisition, Painted Pony has agreed to pay $108 million of cash consideration for the Kobes Assets, before closing adjustments and related costs. The Acquisition has an effective date of December 1, 2012 and is expected to close on or about December 28, 2012. Full Article
Painted Pony Petroleum Ltd Announces Closing Of $103.8 Million Bought Deal Equity Financing
Painted Pony Petroleum Ltd announced that it has closed its previously announced bought deal financing. Pursuant to the Offering, the Corporation has issued a total of 8,800,000 Class A Shares of the Corporation (Class A Shares), which included the full exercise of the over-allotment option granted to the underwriters of the Offering. All of the Class A Shares were issued at a price of $11.80 per Class A Share for gross proceeds of $103,840,000. The syndicate of underwriters was led by Cormark Securities Inc. and included FirstEnergy Capital Corp., CIBC World Markets Inc., RBC Capital Markets and Scotia Capital Inc. (collectively Underwriters). The Underwriters also received a fee of 5% of the gross proceeds of the Offering. The Corporation intends to use the net proceeds of the Offering to fund a portion of the Corporation's capital program for 2011 and 2012. Full Article
Painted Pony Petroleum Ltd Announces $94.4 Million Bought Deal Equity Financing
Painted Pony Petroleum Ltd announced that it has entered into an agreement with a syndicate of underwriters led by Cormark Securities Inc. and including FirstEnergy Capital Corp., CIBC World Markets Inc., RBC Capital Markets Inc. and Scotia Capital Inc. (Underwriters) under which they have agreed to purchase for resale to the public, on a bought deal basis, 8,000,000 Class A Shares (Class A Shares) at $11.80 per Class A Share for aggregate gross proceeds of $94,400,000. Painted Pony has granted the Underwriters an option (Over-Allotment Option) to purchase an additional 800,000 Class A Shares exercisable at the Offering Price on the date of closing of the Offering and for a period of 30 days following the date of closing of the Offering for additional gross proceeds of up to $9,440,000 which would increase the Offering to aggregate gross proceeds of $103,840,000 if fully exercised. The net proceeds of the Offering will be used to partially fund the Corporation's capital program and for other general corporate purposes. The closing of the Offering is expected to occur on November 8, 2011, and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory approvals, including the approval of the TSX Venture Exchange. Full Article
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