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Pine Cliff Energy Ltd Announces $25,000,000 Marketed Common Share Offering

Tuesday, 4 Jun 2013 06:53pm EDT 

Pine Cliff Energy Ltd announced that it has filed and obtained a receipt for a preliminary short form prospectus (the Preliminary Prospectus) in connection with a marketed offering of common shares in the capital of Pine Cliff (Common Shares) for aggregate gross proceeds of approximately $25,000,000 (the Offering) at a price of $0.88 per Common Share. The Offering is being conducted by a syndicate of underwriters, led by Paradigm Capital Inc., and including Clarus Securities Inc., AltaCorp Capital Inc., Haywood Securities Inc., GMP Securities L.P., Scotia Capital Inc. and CIBC World Markets Inc. (collectively, the Underwriters). Net proceeds of the Offering are anticipated to be used to finance a portion of the Corporation's previously announced acquisition (the Monogram Acquisition) of an additional 53.8196% working interest in the Monogram unit and related infrastructure in the Province of Alberta (the Monogram Assets), with the portion of the purchase price that remains outstanding after the net proceeds are applied to be financed by bank debt; or, in the event that the Monogram Acquisition fails to close, to fund potential future acquisitions and general corporate expenses. Successful completion of the Offering is not a condition to the Monogram Acquisition and successful completion of the Monogram Acquisition is not a condition to the Offering. The Offering is presently scheduled to close on or about June 19, 2013. 

Company Quote

-0.06 -3.49%
24 Dec 2014