Oil and gas exploration company BlackPearl Resources (TSE:PXX) announced it has plans to sell 9 million shares of commond shares of stock at C$2.90 each.
BlackPearl is looking to raise C$26.1 million from the offering.
The purpose of the selling of common shares in the company is to replenish capital spent when they acquired a larger working interest in its Blackrod SAGD project.
Other than general purposes, capital raised will also be directed toward its operations at Onion Lake, and to a lesser degree other projects of interest.
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