TSX: PSD
CALGARY, July 27 /CNW/ - Mr. Douglas Cutts, President and CEO of Pulse Data Inc. ("Pulse" or the "Company") is pleased to announce that it has closed its previously announced bought deal financing of $6,440,000 common shares at an issue price of $2.70 per common share for total gross proceeds of $17,388,000 (the "Offering").
This financing included a private placement of 4,500,000 common shares at $2.70 per share, an Underwriter's option that was fully exercised for 1,100,000 common shares at $2.70 per share, and an Over-Allotment Option granted to the Underwriters that was fully exercised for an additional 840,000 common shares at $2.70 per common share. The Offering was underwritten through a syndicate of underwriters led by Dundee Securities Corporation, and including Paradigm Capital Inc., Peters & Co. Limited and Fraser Mackenzie Limited (collectively, the "Underwriters").
Pulse intends to use the proceeds of the Offering to finance the previously announced 3D seismic data acquisition of $11.1 million from Arcis Corporation ("Arcis") and the 3D seismic participation survey program consisting of a minimum 150 net square kilometres. Both of these projects were announced by news release on June 25, 2007.
Pulse is a Calgary-based company specializing in seismic data acquisition, licensing and marketing. With the previously announced purchase of 3D data from Arcis, Pulse's seismic library will grow to more than 11,100 net square kilometres of 3D seismic data and approximately 257,000 net kilometres of 2D seismic data.
Pulse trades on the Toronto Stock Exchange under the symbol PSD.
Disclaimer: Certain information contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Investors are encouraged to review the "Risk Factors" section of the Management's Discussion and Analysis in the Company's most recent Annual Report and interim reports for a discussion of risks that could affect the Company's operations and financial results. Forward-looking statements are based upon management's assumptions, expectations and estimates at the time that such statements are made. Pulse does not update forward-looking statements should circumstances change or management's assumptions, expectations or estimates change, except as required by law.