Finance & Investing | Capital Markets | Capital Expenditure
Painted Pony Raises Funding for 2015 Capex
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Painted Pony Petroleum Ltd. has announced that it has closed its previously announced bought deal financing.
Pursuant to the Offering, the Corporation has issued a total of 5,275,050 common shares in the capital of the Corporation, which included the full exercise of the over-allotment option granted to the underwriters of the Offering. The Common Shares were issued at a price of $12.00 per Common Share for gross proceeds of $63,300,600. The syndicate of underwriters was led by Cormark Securities Inc. and included FirstEnergy Capital Corp., Canaccord Genuity Corp., RBC Capital Markets, TD Securities Inc., AltaCorp Capital Inc., CIBC, Scotia Capital Inc. and National Bank Financial Inc.
The net proceeds of the Offering will be directed towards the Corporation's capital expenditure program for the remainder of 2014 and for 2015. The Corporation's board of directors has not yet approved the capital expenditure budget for the Corporation for 2015; however the Corporation's capital expenditure program for 2015 is anticipated to focus primarily on drilling, completing, equipping and tying in wells targeting the Montney formation in British Columbia, which remains the Corporation's primary business objective.
Subsequent to the closing of the Offering, Painted Pony has 99,381,842 Common Shares issued and outstanding.
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