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Painted Pony Petroleum closes $50 million private placement


Published Aug 27, 2014
Painted Pony Petroleum Ltd.-2

Painted Pony Petroleum Ltd. has closed a private placement of common shares with AltaGas Ltd. (AltaGas), for total cash consideration of approximately $50 million (the "Private Placement").

In connection with the strategic alliance between Painted Pony and AltaGas announced on August 19, 2014 (the "Strategic Alliance"), AltaGas agreed to subscribe, on a private placement basis, for 4,166,666 common shares in the capital of Painted Pony at a price of $12.00 per share, for total proceeds of approximately $50 million. Pursuant to the terms of the Private Placement, the common shares subscribed for by AltaGas are subject to a one-year hold period restriction.

Tags: Painted Pony Petroleum Ltd.




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