PetroShale completes $110M offering

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By CPE News

Calgary (pcJ News Briefs) – PetroShale Inc. (TSX-V: PSH; OTCQX: PSHIF) has closed the maximum amount of previously announced public offering, issuing 122,265,000 common shares at a price of $0.90 per share for gross proceeds of $110,038,500, which included the full exercise of the over-allotment option.

Haywood Securities Inc. acted as the sole agent. Burnet, Duckworth & Palmer LLP and Burstall Winger Zammit LLP are acting legal counsel to PetroShale and the agent.

M. Bruce Chernoff, PetroShale’s largest shareholder, Executive Chairman & CEO and a director, acquired 44,444,500 shares for $40.0 million

PetroShale intends to use the net proceeds for debt repayment, its increased capital program and for general corporate purposes.

PetroShale is an oil company engaged in the acquisition, development and consolidation of interests in the North Dakota Bakken/Three Forks.

photo credit: PetroShale