Pennant Energy Inc PENFF

NEWS

[pennymaker69]

They just raised 3 million! That's enough for 2-3 more wells? or maybe 1 well with tie in costs? Money part is done time to drill baby drill and spud this step out. next big pop... 40 cents easy.

Pennant Energy arranges $3-million private placement

2011-11-02 16:49 ET - News Release

Mr. Thomas Yingling reports

PENNANT ENERGY ANNOUNCES PRIVATE PLACEMENT; FINANCINGS OF UP TO $3.25 MILLION

Pennant Energy Inc. has entered into an agreement with Canaccord GenuityCorp. to sell up to 10 million flow-through shares of thecompany at a price of 20 cents per flow-through share and up tofive million units of the company at a price of 20 cents per unitfor total gross proceeds of $3-million.Each unit shall consist of one common share of the company and one-half ofone common share purchase warrant. Eachwarrant shall be exercisable into one common share of the company for aperiod of 24 months from closing at an exercise price of 30 cents.The company will grant the agent an option to solicit additional flow-through shares,units or any combination thereof to raise additional gross proceeds of up to$750,000 exercisable 48 hours prior to closing.In addition, the company will also conduct a non-brokeredprivate placement of up to $250,000 in flow-through shares, units or any combinationthereof under similar terms as above.The finances raised from the issuance of the flow-through shares shall be used forgeneral exploration expenditures which will qualify as expenses underparagraph 66 (12.66) (b) of the Income Tax Act (Canada) on the company ones theBigstone project located northwest of Edmonton, Alta., in accordance with theprovisions of the company's earn-in agreement with Donnybrook Energy Inc.Finances raised from the issuance of units will be for general working capital.Closing of the financings is anticipated to occur on or before Nov. 23,2011, and is subject to receipt of applicable regulatory approvals includingapproval of the TSX Venture Exchange.

The securities issued will be subjectto a standard four-month hold period.

[Titi]

What it tells us you should not sell under  30 centstiti

[pennymaker69]

yup. Cause any day now... they will say a spud date... and it could be for 1 or 2 wells with 3 million raised. After 2-3 wells are drilled this baby getting taken over same with DEI. they just finshed the spin off to get the company ready to sell. Pen/dei just need to drill a few more to prove the land a bit more and boom take over bid.Small oil&gas company's are going to get taken over

[Titi]

I agreeI am in it for more than 3 years. Tell you honestly till now I was not so exited as when I bought my first 1000 shares around 0.88 cents.I hope this time I will get paid up very well.titi