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.