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Pacific Energy Development closes public offering of common stock


Published May 19, 2015
Pacific Energy Development-2

Pacific Energy Development has closed its previously disclosed underwritten public offering of 5,600,000 shares of its common stock. In connection with the offering, the company has also granted the underwriter a 45-day option to purchase up to 840,000 additional shares of common stock from the company to cover any over-allotments, if any.

The net proceeds to the company from the offering were approximately $2.35 million after deduction of underwriting discounts and estimated offering expenses, provided that if the underwriter exercises the overallotment option in full, the total net proceeds to the company will be approximately $2.73 million. The company plans to use the net proceeds from the offering to extend and acquire additional leasehold rights in the Denver-Julesburg (D-J) Basin in Colorado, fund working capital, and for general corporate purposes.

National Securities Corporation, a wholly-owned subsidiary of National Holdings, Inc. (NASDAQ: NHLD), acted as sole book-running manager for the offering, and Casimir Capital L.P. served as the company's financial advisor for the offering.

Tags: Pacific Energy Development




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