Calgary (pcJ News Briefs) – Painted Pony Petroleum Ltd. (TSX: PPY) has closed its previously announced bought deal financing of 19,820,000 common shares, which included the full exercise of the over-allotment option, at a price of $5.60 per share for gross proceeds of approximately $111 million.
The offering was co-led by Cormark Securities Inc. and TD Securities Inc. and also included GMP FirstEnergy, Scotia Capital Inc., Canaccord Genuity Corp., RBC Capital Markets, Raymond James Ltd., AltaCorp Capital Inc. and CIBC World Markets Inc.
Painted Pony intends to use the total net proceeds of the offering to: (i) fund a portion of its 2017 and 2018 capital program in respect of the previously announced acquisition of UGR Blair Creek Ltd. and for general corporate purposes; and (ii) if the acquisition does not close, for the development of its assets and for general corporate purposes.
Painted Pony is primarily focused on the development of natural gas and natural gas liquids from the Montney formation in northeast British Columbia.
photo credit: Painted Pony Petroleum