Triangle Petroleum (NYSEMKT:TPLM) has turned on the equity pumps. The company is floating 15 million shares of its common stock in an underwritten public offering. Additionally, the issue's underwriters will be granted a 30-day purchase option for up to an additional 2.25 million shares to cover over-allotments.
Triangle said it plans to use the proceeds of the issue to fund acquisitions as well as its drilling and development program. It will also utilize the monies "for other general corporate purposes, including working capital."
The joint book-running managers of the offering are Wells Fargo's Securities arm and Simmons & Company.
Currently, Triangle has 56.4 million shares outstanding, and its stock most recently closed at $7.13 per share.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends and owns shares of Wells Fargo. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.
More from The Motley Fool
Why Triangle Petroleum Corporation Bucked the Trend and Surged 17% in August
It was a wild ride for Triangle Petroleum Corporation in August.
Who Will Follow Kodiak Oil & Gas to Be the Next Bakken Buyout?
Kodiak Oil & Gas just decided it was best to be in the hands of a bigger player, could Oasis Petroleum or Triangle Petroleum decide to do the same thing?
Shorts Are Piling Into These Stocks. Should You Be Worried?
Do short-sellers have these three stocks pegged? You be the judge!