Business
Pulse Data Inc. announces bought deal $12 Million financing
Pulse Data Inc. announces bought deal $12 Million financing.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, July 12 /CNW/ - Mr. Douglas Cutts, President and CEO of Pulse\nData Inc. ("Pulse" or the "Company") is pleased to announce that it has\nentered into an agreement to complete a private placement offering of\n4,500,000 common shares of Pulse on a bought deal basis at a price of $2.70\nper common share for total gross proceeds of $12,150,000 (the "Offering"). The\nPrivate Placement is being underwritten by a syndicate of underwriters led by\nDundee Securities Corporation, and including Paradigm Capital Inc., Peters &\nCo. Limited and Fraser Mackenzie Limited (collectively, the "Underwriters").\n\n\nPulse has also granted the Underwriters an option, to be exercised prior\nto closing of this financing, to purchase up to an additional 1,100,000 Common\nShares at a price of $2.70 representing additional gross proceeds of\n$2,970,000 (CDN). In addition, an Over-Allotment Option has been granted to\nthe Underwriters to purchase up to an additional 10% of the Offering at $2.70\nper Common Share, exercisable at any time prior to 30 days after the closing\nof the Offering.\n\n\nThis Offering is subject to customary conditions, including due diligence\nand regulatory approvals, and is expected to close on or before July 31, 2007.\n\n\nPulse intends to use the proceeds of the Offering to finance the\npreviously announced 3D seismic data acquisition of $11.1 million from Arcis\nCorporation and the 3D seismic participation survey program consisting of a\nminimum 150 net square kilometres. The announcement of both projects was press\nreleased on June 25, 2007.\n\n\nPulse is a Calgary-based company specializing in seismic data\nacquisition, licensing and marketing. With the previously announced purchase\nof 3D data from Arcis, Pulse's seismic library will grow to more than 11,100\nnet square kilometres of 3D seismic data and approximately 257,000 net\nkilometres of 2D seismic data.\n\n\nPulse trades on the Toronto Stock Exchange under the symbol PSD.\n\n\nDisclaimer: Certain information contained herein may constitute\nforward-looking statements under applicable securities laws. Such statements\nare subject to known or unknown risks and uncertainties that may cause actual\nresults to differ materially from those anticipated or implied in the\nforward-looking statements. In...