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PIE Keek, Inc.

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Share Name Share Symbol Market Type
Keek, Inc. TSXV:PIE TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0 -

Primary Petroleum Announces Increase to Previously Announced Financing

09/02/2011 12:33pm

Marketwired Canada


NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN
THE UNITED STATES 


Primary Petroleum Corporation ("Primary" or the "Company") (TSX
VENTURE:PIE)(OTCQX:PETEF) is pleased to announce that it has amended the terms
of the previously announced bought-deal public offering led by Macquarie Capital
Markets Canada Ltd., and including Casimir Capital Ltd. (the "Underwriters").
The offering was increased from 13,900,000 common shares (C$10,008,000) to
20,834,000 common shares (C$15,000,480) at the offering price (the "Offering
Price") of C$0.72 per common share (the "Offering"). As a result, the
over-allotment option (the "Over-allotment Option") will also increase from up
to 2,085,000 common shares, to up to 3,125,100 common shares at a price of
C$0.72 per common share. The Over-allotment Option is exercisable, in whole or
in part, by the Underwriters, in their sole discretion, at any time up to 30
days after the closing date. If the Over-allotment Option is exercised in full,
additional gross proceeds will be C$2,250,072 for total gross proceeds of
C$17,250,552. 


The Underwriters will receive a cash commission equal to 6% of the gross
proceeds of the Offering and broker warrants (the "Broker Warrants") equal to 3%
of the number of common shares issued pursuant to the Offering (including those
issued pursuant to the Over-allotment Option). Each Broker Warrant shall entitle
the holder thereof to acquire one common share of the Company at the Offering
Price for 12 months following closing of the Offering. 


The Offering will be made pursuant to a short form prospectus to be filed by
Primary with securities regulators in each of the provinces of Canada, other
than the Province of Quebec. Closing of the Offering is expected to occur on or
about February 28, 2011. The Offering is subject to receipt of any necessary
regulatory and stock exchange approvals. We refer you to our press release dated
February 8, 2011, for additional information.  


This press release shall not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of securities in any
state in the United States in which such offer, solicitation or sale would be
unlawful. The securities referred to herein have not been and will not be
registered under the United States Securities Act of 1933, as amended, and may
not be offered or sold in the United States absent registration or an applicable
exemption from registration requirements.


About Primary Petroleum Corporation: Primary is a junior oil and gas company
engaged in exploration and development activities in Montana and Alberta. The
Company's mandate is to continue to acquire strategic land positions of merit in
the Sedimentary Basin of the Western United States and Canada and seek out
qualified industry partners to exploit and develop them. The Company's public
filings may be found at www.sedar.com. To find out more about Primary Petroleum
visit our website at www.primarypetroleum.com. 


Investors are cautioned that this press release contains forward looking
information. More particularly, this press release contains statements
concerning the closing of the Offering. The closing of the offering could be
delayed if the Company is not able to obtain the necessary regulatory and stock
exchange approvals on the planned timeline. In addition, the Underwriting
Agreement contains terms which allow the Underwriters to terminate the financing
upon the occurrence of certain stated events. The Offering will not be completed
at all if these approvals are not obtained or some other condition to the
closing is not satisfied. Accordingly, there is a risk that the Offering will
not be completed within the anticipated time or at all. Although the Company
believes that the expectations reflected in these forward-looking statements are
reasonable, undue reliance should not be placed on them because the Company can
give no assurance that they will prove to be correct. Since forward-looking
statements address future events and conditions, by their very nature they
involve inherent risks and uncertainties. The forward-looking statements
contained in this press release are made as of the date hereof and the Company
undertakes no obligations to update publicly or revise any forward-looking
statements or information, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.


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