Key Developments: Pine Cliff Energy Ltd (PNE.V)
0.83CAD
23 May 2013
$-0.01 (-1.19%)
$0.84
$0.80
$0.84
$0.80
85,550
105,555
$1.00
$0.60
Latest Key Developments (Source: Significant Developments)
Pine Cliff Energy Ltd Issues FY 2013 Production Outlook
Pine Cliff Energy Ltd announced that for fiscal 2013, it expects production to be in between 3,500-4,000 boe per day. Full Article
Pine Cliff Energy Ltd Closes Private Placement For $5.35 Million-Canada Stockwatch News
Canada Stockwatch News reported that Pine Cliff Energy Ltd has closed the brokered private placement previously announced. The closing of the private placement occurred on November 30, 2012, and consisted of eight million common shares at a price of 70 cents per share for net proceeds, after payment of commissions and deduction of estimated offering costs, of approximately $5,354,000. Macquarie Private Wealth Inc. acted as agent in connection with the offering. The shares issued in connection with the private placement are subject to a statutory hold period of four months plus one day from the date of completion of the private placement, in accordance with applicable securities legislation. The Company intends to use the proceeds from the private placement to repay its credit facility. Full Article
Pine Cliff Energy Ltd Arranges Placement-Canada Stockwatch News
Canada Stockwatch News reported that Pine Cliff Energy Ltd has entered into an engagement letter with Macquarie Private Wealth Inc. for a brokered private placement of up to 8.9 million common shares of Pine Cliff at a price of 73 cents per share for gross proceeds of approximately $6.5-million. The agent will offer the shares on a commercially reasonable basis. The offering is subject to a number of conditions, including receipt of all necessary corporate and regulatory approvals, including the approval of the TSX Venture Exchange, as well as the negotiation and execution of certain documentation, including an agency agreement between the agent and Pine Cliff. All securities issued in connection with the offering will be subject to a statutory hold period of four months plus one day from the date of completion of the offering, in accordance with applicable securities legislation. The proceeds from the offering will be used by Pine Cliff to completely pay down the credit facility that was partially used to finance a portion of the purchase price of the debt purchase. Full Article
Pine Cliff Energy Ltd and Geomark Exploration Ltd. Announce Interim Order, Mailing of Joint Management Information Circular and Management Change
Pine Cliff Energy Ltd and Geomark Exploration Ltd. announced that Geomark has received the interim order of the Court of Queen's Bench of Alberta in respect of the previously announced proposed plan of arrangement involving Pine Cliff, Geomark and the shareholders of Geomark (the Arrangement). A joint information circular of Geomark and Pine Cliff dated September 19, 2012 (the Information Circular), in respect of the special meetings of the Geomark shareholders and Pine Cliff shareholders, to be held at 9:00 a.m. (Calgary time) and 10:00 a.m. (Calgary time), respectively, on October 18, 2012 for the purpose of obtaining the requisite approvals in respect of the Arrangement and matters related to the Arrangement, will be mailed to shareholders in the upcoming days. Geomark also announced that Mark Balog, the current President and Chief Operating Officer of Geomark, has given notice that he will be resigning on the earlier of the completion of the Arrangement or October 31, 2012. This timing allows for a reasonable period of time after completion of the Arrangement to allow for an orderly transition of responsibilities. Full Article
Pine Cliff Energy Ltd And Geomark Exploration Ltd. Announces Execution Of Arrangement Agreement
Pine Cliff Energy Ltd and Geomark Exploration Ltd. jointly announced that they have entered into an arrangement agreement whereby Pine Cliff and Geomark will combine their operations. Under the terms of the Arrangement Agreement, Pine Cliff will acquire all of the issued and outstanding common shares of Geomark on the basis of 1.5 common shares of Pine Cliff issued to shareholders of Geomark for each outstanding Geomark Share. Upon successful completion of the Transaction, it is anticipated that there will be approximately 145.7 million shares outstanding, of which current Geomark shareholders will collectively own approximately 56% of the combined entity and Pine Cliff shareholders will collectively own approximately 44%. It is presently expected that, in connection with the Transaction, Pine Cliff will undergo a change of name and that the combined entity will carry on business under such name upon completion of the Transaction. Full Article
Pine Cliff Energy Ltd Enters Into Agreement To Acquire Carrot Creek Oil & Gas Assets
Pine Cliff Energy Ltd announced that it has entered into an arm's length agreement (the Purchase Agreement) to acquire certain oil and natural gas assets in the Carrot Creek area in the Province of Alberta for cash consideration of $23.5 million. In addition, the Acquisition is conditional upon the vendor of the Carrot Creek Assets completing its acquisition of the Carrot Creek Assets from a third party, which acquisition is expected to close concurrently with the closing of this Acquisition. It is anticipated that the closing of the Acquisition will occur on or about March 1, 2012. The cash consideration to be paid by Pine Cliff under the Purchase Agreement is expected to be financed by a combination of working capital, equity and debt, details of which will be subsequently announced in a future press release. Full Article
Pine Cliff Energy Ltd Announces Completion Of Rights Offering And Private Placement
Pine Cliff Energy Ltd announced that it has completed its previously announced rights offering. The rights offering was over subscribed and shareholders who requested additional common shares of Pine Cliff pursuant to the additional subscription privilege were issued a limited number of Common Shares on a pro rata basis. Accordingly, a total of 11,536,423 Common Shares, the maximum number permitted under the rights offering, were issued at a subscription price of $0.17 per Common Share for gross proceeds of $1,301,457.27. To Pine Cliff's knowledge, Pine Cliff's executive officers and directors who were eligible to participate in the rights offering subscribed for approximately 4,035,747 Common Shares pursuant to the rights offering. Pine Cliff announced that it has completed its previously announced non-brokered private placement of Common Shares. Pine Cliff issued a total of 5,882,000 Common Shares under the Private Placement at a subscription price of $0.17 per Common Share for gross proceeds of $999,940. Following completion of the Private Placement and prior to the completion of the rights offering, the President owned or controlled 4,648,000 Common Shares or 8.9% of the issued and outstanding Common Shares. In addition, the President holds options to acquire an additional 600,000 Common Shares. The gross proceeds of the rights offering and the Private Placement will be used for funding Pine Cliff's 2012 capital expenditures and for general corporate purposes. Full Article
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