Pinecrest Energy Down 4% Today, Matching Offer Price for $60M Bought-Deal Financing

Pinecrest Energy Inc (PRY.V) is down 4% at $2.40 a share, losing 10 cents a share after trading resumed at 12 p.m. today following the junior oil & gas company's announcement earlier today that it intends to sell as much as $69 million in new stock priced at 2.40 a share.

The new bought-deal financing, intended to fund the company's 2011 capital spending program, is 50% bigger than Pinecrest's original plan calling for a $40 million offering. The company also expanded the number of shares available for underwriters to purchase through their overallotment option.

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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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