By Laura Lutz
Des Moines, Aug. 21 - Pacific Energy Resources Ltd. downsized its private placement of stock to C$75 million from C$100 million.
The placement was announced on June 21 as a C$50 million offering. Pricing was set on Aug. 20, and the placement was upsized to C$100 million at that time.
The shares were priced at C$2.50 each.
Octagon Capital Corp., D&D Securities Co. and Energy Capital Solutions are the agents.
Some of the proceeds will be used for a planned acquisition of Alaskan assets from Forest Oil Corp. The rest will be used for exploration and development, for working capital and for general business purposes.
The number of shares expected to be issued under the placement, the acquisition and a related senior credit facility still exceeds 25% of the company's current outstanding share capital. As a result, the placement is conditional on shareholder approval.
Pacific Energy is an oil and gas exploration and development company based in Long Beach, Calif.
| Issuer: | Pacific Energy Resources Ltd.
|
| Issue: | Shares
|
| Amount: | C$75 million
|
| Shares: | 30 million
|
| Price: | C$2.50
|
| Warrants: | No
|
| Agents: | Octagon Capital Corp., D&D Securities Co., Energy Capital Solutions
|
| Announcement date: | June 21
|
| Pricing date: | Aug. 20
|
| Downsized: | Aug. 21
|
| Stock symbol: | Toronto: PFE
|
| Stock price: | C$2.85 at close June 21
|
| Stock price: | C$2.71 at close Aug. 20
|
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