On December 29, 2006, Pennine Petroleum Corporation announced that is had completed its initial public offering of 8,024,333 units at a price of $0.30 per unit for net proceeds of approximately $2.1 million. Each unit consists of one common share and one common share purchase warrant. Each two warrants entitle the holder thereof to purchase an additional common share at an exercise price of $0.60 within 18 months from December 29. The common shares will trade on the TSX Venture Exchange under the symbol "PNN".
Pennine is an Alberta-based oil and natural gas company focused on the exploration for and development of petroleum and natural gas properties primarily in Western Canada.
Pennine was advised in this transaction by Greg Powers, Jason Mudge, Hugoline Morton and student-at-law Casey Smith from the Calgary office of Fasken Martineau.