Mining’s old guard needs strong medicine
A new report details subpar investor returns in the mining industry over the last decade, particularly big cap diversified companies which have not adapted to new realities.
Pan Orient Energy Corp. (TSX VENTURE:POE), (“Pan Orient” or “the Company”), is very pleased to announce it has completed its previously announced bought deal financing of 6,870,240 common shares of the Company (the “Common Shares”) at a price of $6.55 per Common Share for gross proceeds of $45,000,072 on a private placement basis (the “Offering”). The syndicate of underwriters was co-led by Raymond James Ltd. and Macquarie Capital Markets Canada Ltd. and included GMP Securities L.P., Canaccord Genuity Corp., Mackie Research Capital Corporation, Haywood Securities Inc. and Paradigm Capital Inc. (the “Underwriters”).
In addition, the Underwriters exercised their option to purchase up to an additional 687,024 Common Shares at the same price and upon the same terms as the Offering for additional gross proceeds of $4,500,007. As a result of the foregoing, a total of 7,557,264 Common Shares were issued for total gross proceeds of $49,500,079. The Common Shares issued pursuant to the Offering will be subject to a restricted period ending four months after closing of the Offering.
Goldman Sachs Asset Management, through certain investment funds managed by it, purchased $20,000,425 of the Common Shares being issued pursuant to the Offering.
The net proceeds from the Offering will be used to fund the exploration and development of the Company’s petroleum assets in Thailand and Indonesia, general business development and working capital purposes.
Pan Orient is a Calgary, Alberta based oil and gas exploration and production company with operations currently located onshore Thailand, Indonesia and in Western Canada.
The securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “1933 Act”), or under any state securities laws, and may not be offered or sold, directly or indirectly, or delivered within the United States or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the 1933 Act) absent registration or an applicable exemption from the registration requirements. This news release does not constitute an offer to sell or a solicitation to buy such securities in the United States.
