Triangle Petroleum (NYSEMKT:TPLM) has put a price tag on its previously announced common stock offering. The shares will hit the market at $6.25 apiece in the 15 million share-strong underwritten public issue. Additionally, the company's underwriters have been granted a 30-day purchase option for up to an additional 2.25 million shares at the offering price minus underwriter discounts and commissions.
Triangle said it plans to use the estimated net proceeds of $88.4 million to fund acquisitions, and 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.
At the moment, Triangle has 56.4 million shares outstanding, and its stock most recently closed at $6.52 per share.
Fool contributor Eric Volkman has no position in any stocks mentioned. The Motley Fool recommends Wells Fargo. The Motley Fool 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.