CALGARY, ALBERTA--(Marketwired - March 27, 2014) - Michael Greenwood acquired 1,500,000 common shares of PRD Energy Inc. ("PRD") at a price of $1.00 per share, representing approximately 1.3% of the issued and outstanding common shares of PRD.
Prior to this sale, Mr. Greenwood owned 22,243,649 Common Shares such that he presently owns a total of 23,749,649 or 19.9% of the Common Shares as well as 2,000,000 stock options. If Mr. Greenwood were to exercise such stock options, assuming no other changes, Mr. Greenwood would hold 21.7% of the issued and outstanding common shares of PRD.
Additional details of the private placement were disclosed in the news release of the Company issued on March 24, 2014.
Mr. Greenwood's interest in PRD is for investment purposes only. Mr. Greenwood has no current intention of making a take-over bid for PRD. Mr. Greenwood reserves the right from time to time to purchase additional common shares of PRD or to dispose of common shares of PRD held by him.