BlackPearl Resources (TSE:PXX) Selling 9 Million Shares

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.