Pacific Energy Decreases Private Placement Financing to CAD$75 Million
Pacific Energy Resources says that further to its press release dated August 20, 2007, and upon further discussions with its agents, the Corporation has decreased its private placement from up to CAD$100 million to up to CAD$75 million. All other terms of the financing, including the use of proceeds, are as previously announced on August 20, 2007.
As previously disclosed, the number of possible shares to be issued under this transaction totals greater than 25% of the Corporation's currently issued and outstanding shares. Accordingly, the TSX requires that the Corporation obtain approval from stockholders holding a majority of the issued shares of the Corporation. While this approval would normally require a stockholder's meeting to obtain stockholder approval, the Corporation is availing itself of the exemption in 604(d) of the TSX Company Manual to allow it to obtain the written consent of stockholders holding a majority of the shares of the Corporation. The Corporation is in the process of collecting executed consent forms from stockholders in order to obtain the requisite approval to the above share issuances.
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