Pennant Energy Inc PENFF

news

[pennymaker69]

 

Pennant Energy cancels second tranche of financing

2012-06-29 15:23 ET - News Release

 

Mr. Thomas Yingling reports

Pennant Energy Inc., further to its press release dated March 21, 2012, will not be proceeding with a secondary closing of its private placement, either brokered or non-brokered.

[Troyahorse]

NO reason given? Please send a link, Thanks

[wintersun10]

the reason is obvious, the first tranche went for 20c with 30c warrants and now PEN has dropped below 10c, so the positive spin here is that PEN expects to deliver good news soon and then they will see if they need another fundraiser at higher levels again..........

[gninnam]

It was wet but just out the rear glad I sold this pos at 20cents  

[Focusakker]

We are at the proverbial the glass is haf full, half empty point.  They may have killed this shelf offering to issue a new one to fund their portion of the fourth Bigstone well or the first two/three wells are about to go on line and generate enough cash flow to render more issuance as unnecessary. My guess is the first but I'm hoping for the second. Good luck, Paul    

[pennymaker69]

your ink https://www.stockwatch.com/Quote/Detail.aspx

[wintersun10]

this year companies that announced financings have been hit hard, PEN is obviously no exception. why? well some like to get in on a cheaper price, then selling gets into a vicious cycle of selling. so hopefully now they called off the second tranche of the financing and with some positive news they can get PEN into a virtuous cycle of buying.....we will see no doubt... another step PEN could take

[Focusakker]

I don't think they have sufficient control of the drilling schedule to delay the fourth well.  Remember, they only are a 12.5% participant.   I hope you are right, though.   Paul

[wintersun10]

yes, true, however their partners have the same problems, so they can and should get together and do the right thing.......prices of nat gas have started to go up, so the later they drill these wells the more they make, kind of a no brainer........