Triangle Completes $25MM Funding
Triangle Petroleum Corporation announced that it has raised $25.5 million through the private placement of 18,257,500 units priced at $1.40 per unit. Each unit consists of one share of common stock and one-half of a warrant. One full warrant can be exercised into one share of common stock for a period of two years at a price of $2.25 per share. The net proceeds of $23.6 million will be used to repay $4 million of secured convertible debentures, to fund a portion of the drilling program in the Maritimes Basin and for general working capital. Canaccord Adams Inc. acted as placement agent for this offering.
Mark Gustafson, President and CEO of Triangle, commented, "This funding really strengthens our balance sheet. We look forward to selecting one or more joint venture partners for our Maritimes Basin exploration program. We would like to thank Canaccord Adams and our advisors for their contributions to this funding."
- Triangle Zeroes in on Bakken Shale Play in North Dakota (Feb 08)
- Triangle Targets North American Shale Plays, Appoints New CEO (Dec 01)
- Triangle Petroleum Increases Working Interest in Core Area to 87% (Jun 11)