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Oilweek Magazine
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Click here to view a free sample digital edition of Oilweek magazine. As a paid subscriber, all issues of the magazine, including back issues, are online for you to read, search, and reference. |
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Latest Headlines
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Dec 1, 2009 3:47:00 PM MST
Forbes to issue up to 21.6 million shares in bought deal issue (Forbes)
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ALICE, Texas _ Forbes Energy Services Ltd. (TSX: FRB) said Tuesday it will issue up to almost 21.6 million shares in a bought-deal arrangement with underwriter Paradigm Capital Inc.
Under the deal, Paradigm will purchase 18,750,000 common shares at 80 cents a share for gross proceeds to Forbes of $15 million.
Over-allotment provisions provide for the issuance of up to almost 21.6 million for proceeds to Forbes of almost $17.3 million.
The proceeds are to be used for equipment upgrades and working capital to expand Forbes´ growth initiatives in Mexico and for general corporate purposes.
Closing of the offering is subject to customary conditions, including approval by the TSX, and is expected to occur on or about Dec. 17.
Forbes is an independent oilfield services contractor that provides a broad range of drilling-related and production-related services to oil and natural gas companies, primarily onshore in Texas, Mississippi, Pennsylvania and Mexico.
The company´s shares were up four cents at 90 cents Tuesday on the Toronto Stock Exchange.
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