Business
Pulse Data Inc. announces closing of bought deal financing
Pulse Data Inc. announces closing of bought deal financing.
About this update from Pulse Seismic Inc.
[{"type":"text","content":"\n\n\n\nTSX: PSD\n\n\nCALGARY, July 27 /CNW/ - Mr. Douglas Cutts, President and CEO of Pulse\nData Inc. ("Pulse" or the "Company") is pleased to announce that it has closed\nits previously announced bought deal financing of $6,440,000 common shares at\nan issue price of $2.70 per common share for total gross proceeds of\n$17,388,000 (the "Offering").\n\n\nThis financing included a private placement of 4,500,000 common shares at\n$2.70 per share, an Underwriter's option that was fully exercised for\n1,100,000 common shares at $2.70 per share, and an Over-Allotment Option\ngranted to the Underwriters that was fully exercised for an additional 840,000\ncommon shares at $2.70 per common share. The Offering was underwritten through\na syndicate of underwriters led by Dundee Securities Corporation, and\nincluding Paradigm Capital Inc., Peters & Co. Limited and Fraser Mackenzie\nLimited (collectively, the "Underwriters").\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 ("Arcis") and the 3D seismic participation survey program\nconsisting of a minimum 150 net square kilometres. Both of these projects were\nannounced by news release 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. Investors are encouraged to review the "Risk\nFactors" section of the Management's Discussion and Analysis in the Company's\nmost recent Annual Report and interim reports for a discussion of risks that\ncould affect the Company's operations and financial results. Forward-looking\nstatements are based upon man...