Pinecrest Energy Prices $40M Private Placement at 4% Discount to Tuesday Close

Pinecrest Energy Inc. (PRY.TO) remains under a trading halt this morning after the junior gas and oil company announced a $40 million bought-deal financing consisting of 16.7 million shares of common stock priced at 2.40 each -- a 4% discount to Pinecrest's $2.50-a-share closing price yesterday.

Underwriters also received options to purchase an additional $6 million of shares within the next 30 days. Proceeds will fund the company's 2011 capital program, including exploration and possible acquisition of properties in the Red Earth area of Alberta.

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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.