By Sheri Kasprzak
Atlanta, Jan. 24 - Galleon Energy Inc. upsized a private placement of stock to C$35 million from C$25 million on the same day the deal was announced.
The new offering includes 3,286,385 class A shares at C$10.65 each.
An underwriting syndicate led by GMP Securities Ltd. and including Sprott Securities Inc., CIBC World Markets Inc. and FirstEnergy Capital Corp. has an over-allotment option for up to 938,970 class A shares at C$10.65 each for an additional C$10 million.
The company first announced the deal as a C$25 million offering of 2,347,418 class A shares at the same price. The over-allotment option was also increased from an original 469,484 shares.
The offering is expected to close Feb. 10.
Galleon, based in Calgary, Alta., is an oil and gas acquisition, exploration, exploitation and development company. The proceeds from the private placement will be used to fund a portion of its 2005 capital program.
| Issuer: | Galleon Energy Inc.
|
| Issue: | Class A shares
|
| Amount: | C$35 million
|
| Shares: | 3,286,385
|
| Price: | C$10.65
|
| Warrants: | No
|
| Greenshoe: | For up to 938,970 class A shares
|
| Underwriters: | GMP Securities Ltd. (lead); Sprott Securities Inc.; CIBC World Markets Inc.; FirstEnergy Capital Corp.
|
| Pricing date: | Jan. 24
|
| Settlement date: | Feb. 10
|
| Stock price: | C$11.00 at close Jan. 21
|
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