Pan Orient to Raise $5 Million through Private Placement
Pan Orient Energy Corp. plans to raise, by way of a non-brokered private placement, approximately $5,000,000 through the issue of common shares at a price of $4.25 per share.
The net proceeds from the offering will be used by Pan Orient to accelerate exploration on the Company's 100% owned concession L53/48, located onshore Thailand, and new venture opportunities in Thailand, India and Indonesia.
Subject to regulatory approval, Pan Orient will pay a cash finder's fee to brokers or other third parties equal to 5% of the gross proceeds realized from sales made to purchasers referred to the Company by the finders. Closing of the offering is expected to occur on or about July 13, 2007 and is subject to the receipt of necessary regulatory approvals. The common shares issued will be subject to a four-month hold period from the date of closing.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand and in Western Canada.
- POE Finds Gas, Condensate at Akeh-1 Well in Sumatra's Batu Gajah PSC (Oct 21)
- POE Prepares for Testing Ops at Onshore Akeh-1 Exploration Well in Sumatra (Sep 28)
- POE Provides Prospective Resource Report for Sumatra's East Jabung PSC (Aug 05)