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.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
Copyright (C) 2016 MTNewswires.com. All rights reserved. Unauthorized reproduction is strictly prohibited.