CALGARY, Alberta, Feb. 20, 2019 (GLOBE NEWSWIRE) — Pieridae Energy Limited (“Pieridae” or the “Company”) (TSXV: PEA) is pleased to announce that it has been advised by the syndicate of investment dealers co-led by KES 7 Capital Inc. and National Bank Financial Inc. and including Laurentian Bank Securities Inc. (collectively, the “Agents”) that the previously announced brokered private placement of up to 7,500,000 common shares at a price of $2.00 per share (the “Offering Price”) for gross proceeds of up to $15.0 million (the “Offering”) was met with strong investor interest and was fully subscribed. In addition, the Agents have informed the Company that they intend to exercise their over-allotment option at closing for additional common shares at the Offering Price.
The Company anticipates using the net proceeds of the Offering, including proceeds from the exercise of the over-allotment option, for working capital and general corporate purposes. The Offering is expected to close on or about February 28, 2019. The Offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange. The Company continues to pursue preparatory work in relation to a final investment decision for the Goldboro LNG facility including the procurement of additional natural gas prone properties, and gas exploration and development activities.
About Pieridae
Founded in 2011, Pieridae, a majority Canadian owned corporation based in Calgary, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets. Pieridae is on the leading edge of the re-integration of the LNG value chain in North America. Pieridae has 74,527,875 common shares issued and outstanding which trade on the TSX Venture Exchange (PEA).