Pinecrest Energy Inc.

Pinecrest Energy Inc.

August 24, 2011 09:30 ET

Pinecrest Energy Inc. Announces Closing of Million Bought Deal Financing

CALGARY, ALBERTA--(Marketwire - Aug. 24, 2011) - Pinecrest Energy Inc. ("Pinecrest") (TSX VENTURE:PRY) is pleased to announce that it has completed its previously announced bought deal financing (the "Offering") for gross proceeds of $60 million. Pursuant to the Offering, Pinecrest, through a syndicate of underwriters led by Canaccord Genuity Corp. and including Cormark Securities Inc., GMP Securities L.P., Peters & Co. Limited, Paradigm Capital Inc., and Scotia Capital Inc., issued 25,000,000 common shares at a price of $2.40 per common share.

The securities offered have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of these securities in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Pinecrest Energy Inc.
    Wade Becker
    President and CEO
    (403) 817-2550
    (403) 817-2599 (FAX)

    Pinecrest Energy Inc.
    Dan Toews
    V.P. Finance & CFO
    (403) 817-2550
    (403) 817-2599 (FAX)

    Pinecrest Energy Inc.
    Suite 500, 255 – 5th Avenue S.W.
    Calgary, Alberta T2P 3G6