Piper Resources has entered into an equity financing agreement with Peters & Co. acting as lead agent and including JF Mackie & Company. Pursuant to the terms of the Financing, Piper will issue, on a private placement basis, up to 21,875,000 Class A common shares at a price of $1.60 per share for gross proceeds of up to $35,000,000. Proceeds from the Financing will be used to partially fund the acquisition of two private companies previously announced by Piper on June 25, 2007. The Financing is expected to close on or around August 9, 2007.
Piper Resources Ltd. is a widely-held, non-listed exploration, development and production company pursuing conventional oil and natural gas opportunities in western Canada. The Company is based in Calgary, Alberta.