So they close the financing and get the entire oveall at $3.20 per share
And the share price goes - down.
LOL
Seriously sometimes the market just doesn't have a clue.
Coastal Energy underwriters exercise overallotment
2009-06-17 19:41 MT - Prospectus Approved
Further to the TSX Venture Exchange bulletin of May 28, 2009, inrespect of Coastal Energy Company's financing pursuant to itsprospectus dated May 21, 2009, which closed on May 28, 2009, the TSX-Vhas been advised that the underwriters have exercised the overallotmentoption granted to them in connection with the offering.
Underwriters: Thomas Weisel Partners Canada Inc.,Paradigm Capital Inc.,Canaccord Capital Corp.,Macquarie Capital Markets Canada Ltd.,CIBC World Markets Inc.and Tristone Capital Inc.
Overallotment option: 750,000 common shares
Price: $3.20 per share
https://www.stockwatch.com/newsit/newsit_newsit.aspx?bid=Z-C:CEN-1617052&symbol=CEN&news_region=C