Welcome To The Triangle Resources Corp HUB On AGORACOM
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Message: NR...on Amex TPLM....1:10 reverse split...offering
Nov. 5, 2010 (Marketwire) --
DENVER, COLORADO -- (Marketwire) -- 11/05/10 -- Triangle Petroleum Corporation (the "Company") (NYSX Amex: TPLM) (TSX VENTURE: TPO), an oil and gas exploration and production company with assets in North Dakota and Nova Scotia, announced the pricing of an underwritten public offering of 10,800,000 shares of its common stock at a price to the public of $5.50 per share. The net proceeds to the Company from this offering are expected to be approximately $54.3 million, after deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about November 10, 2010, subject to customary closing conditions. The Company has also granted the underwriter a 30-day option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by the Company.
The Company also announced that, effective as of November 5, 2010, its common stock will begin trading on the NYSE Amex under the symbol "TPLM." In connection with its listing on the NYSE Amex, the Company's common stock will cease trading on the OTC Bulletin Board and will continue trading on the TSX Venture Exchange but will change its symbol on that exchange from "TPE" to "TPO." Furthermore, the Company's previously announced 1-for-10 reverse stock split will also be effective for trading purposes as of November 5, 2010. The listing of the Company's common stock on the NYSE Amex and the effectiveness of the reverse stock split were conditions to the proposed offering.
The Company intends to use the net proceeds from this offering to fund its drilling and development expenditures, leasehold acquisitions, including the previously announced purchase in Williams County, North Dakota, and general corporate purposes, including working cap
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