Key Developments: Pennant Energy Inc (PENFF.PK)
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15 Apr 2013
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Latest Key Developments (Source: Significant Developments)
Pennant Energy Inc Announces Change Of Auditor
Pennant Energy Inc announced that Charlton & Company, Chartered Accountants (the Former Auditor), has resigned as the Company's auditor at the request of the Company and, effective January 15, 2013, it appointed Davidson & Company LLP, Chartered Accountants (the Successor Auditor), as its auditor. Full Article
Pennant Energy Inc Announces Private Placement Financing Of Up To $2.25 Million
Pennant Energy Inc announced that it has entered into an agreement with Canaccord Genuity Corp. (the Agent), to sell up to 5,000,000 flow-through shares of the Company (the FT Shares) at a price of $0.20 per FT Share and up to 5,000,000 units of the Company (the Units) at a price of $0.20 per Unit for total gross proceeds $2,000,000. Each Unit shall consist of one common share of the Company and one half of one common share purchase warrant (each whole warrant, a Warrant). Each Warrant shall be exercisable into one common share of the Company for a period of 24 months from closing at an exercise price of $0.30. In addition, the Company also announced that it will conduct a non-brokered private placement of up to $250,000 in a combination of Units and FT Shares under similar terms as above. Funds raised from the issuance of Units will be for general working capital. Closing of the financings is anticipated to occur on or before March 15, 2012 and is subject to receipt of applicable regulatory approvals including approval of the TSX Venture Exchange. Full Article
Pennant Energy Inc Completes Financings Of $4.1 Million
Pennant Energy Inc announced the closing of the brokered private placement through Canaccord Genuity Corp. (Agent), and a non brokered private placement. As per the news release dated November 2, 2011, whereby the Company announced a financing in the amount of $3,250,000, management announced that the Agent exercised its overallotment option as well as the non brokered financing was oversubscribed and a total of $4.1 million was raised. The brokered portion of the Offering consisted of the sale of 10,500,000 flow-through shares of the Company at a price of $0.20 per FT Share and 8,250,000 units of the Company at a price of $0.20 per Unit for total gross proceeds $3,750,000, of which $750,000 was raised pursuant the exercise of the over-allotment option by the Agent. Each Unit consists of one common share of the Company and one half of one common share purchase warrant. The non-brokered portion of the Offering consisted of the sale of 400,000 FT Shares and 1,355,000 Units for total gross proceeds of $351,000. A finder's fee of $5,250 was paid. The funds raised from the issuance of the FT Shares shall be used for general exploration expenditures which will qualify as expenses under paragraph 66 (12.66) (b) of the Income Tax Act (Canada) on the Company's the Bigstone Project located NW of Edmonton, Alberta in accordance with the provisions of the Company's earn-in agreement with Donnybrook Energy Inc. Funds raised from the issuance of Units will be for general working capital. Full Article
Pennant Energy Inc Announces $2,000,000 Brokered Financing
Pennant Energy Inc announced that it has entered into an agreement with Secutor Capital Management Corporation and Industrial Alliance Securities (Agents), in connection with a private placement financing of up to 2,777,777 units (Units) at a price of 18 cents per unit and 6,818,181 flow-through units (Flow-Through Units) at a price of $0.22 per flow-through unit for gross proceeds of up to $2,000,000. The Company has granted the Agents an option, exercisable in whole or in part, at any time until the date that is 30 days following the Closing Date, to purchase up to that number of Flow-Through Units or Units or a combination thereof that does not exceed 25% of the total number of Flow-Through Units and Units sold pursuant to the Offering, as the case may be, to cover over-allotments, if any. Each Unit consists of one common share of the Company and one common share purchase warrant (Warrant). Each Warrant will be exercisable by the holder thereof to acquire one common share of the Company at a price of $0.35 for a period of 12 months after the Closing. The gross proceeds raised from the issuance of the Flow-Through Units will be used by the Company for exploration on the Bigstone Project located NW of Edmonton, Alberta in accordance with the provisions of the Company's earn-in agreement with Donnybrook Energy Inc. The net proceeds from the issuance of the Units will be used for working capital purposes. Full Article
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