Money hunt: Trinidad Drilling
Trinidad Drilling in money hunt
Canada's Trinidad Drilling plans to sell 27.2 million shares at C$5.15 each for gross proceeds of about C$140 million (US$127.9 million).
If the over-allotment option is exercised in full, the gross proceeds will be about C$150 million, the company said, adding that the net proceeds from the offering will be used to reduce debt.
The company said it entered into an agreement with a syndicate of underwriters led by Raymond James related to the bought deal equity financing, said a Reuters report.
The offer price represents a discount of about 10% to the stock's Thursday closing price of C$5.70 on the Toronto Stock Exchange.
The offering is expected to close on or about 25 June, the company said in a statement.