Markets

Painted Pony Petroleum Closes $172.5 Million Bought Deal Equity Financing

Painted Pony Petroleum Ltd. (PPY.V) has closed its previously announced bought deal financing. It has issued a total of 16,997,000 common shares at $10.15 per share, for gross proceeds of $172,519,550.

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 to partially fund ongoing capital expenditures and to fund potential future acquisitions.

PPY went down by nearly 2% to $10.28 on volumes of over 82,000. Day range is $10.22-$10.43.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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