Pieridae Energy setting up $20 mln share sale

Canadian LNG project developer Pieridae Energy has struck a deal with a number of investment dealers on a $15 million private placement as it pushed forward with the Goldboro LNG project.

The company said it has reached an agreement with a syndicate of investment dealers co-led by KES 7 Capital Inc., National Bank Financial and Laurentian Bank
Securities.

Pieridae Plans to offer 7.5 million shares at a $2/per share price, with an over-allotment option of an additional 20 percent of the base offering.

It is also eyeing a non-brokered private placement of shares to insiders and investors with net proceeds of about $5 million.

Pieridae Energy said that Alberta Investment Management Corporation has already agreed to buy 5 million shares at the $2 price.

The Offering is expected to close on or about February 28, 2019, the company said.

The company intends to use the net proceeds for working capital and general purposes.

The company continues to pursue preparatory work in relation to a final investment decision for the Goldboro LNG facility including the procurement of additional natural gas prone properties, and gas exploration and development activities.