Precision Drilling Corporation announces closing of over-allotment option
10 Agosto 2004 - 3:45PM
PR Newswire (US)
Precision Drilling Corporation announces closing of over-allotment
option CALGARY, Aug. 10 /PRNewswire-FirstCall/ -- Precision
Drilling Corporation ("Precision") is pleased to announce the
closing of the over-allotment option granted to the underwriters as
part of its recent offering of common shares. The over-allotment
consists of an additional 400,000 common shares at a price of
US$49.80 per share, (CDN$65.25 per share), for gross proceeds of
approximately US$20 million. The over-allotment was exercised by a
syndicate of underwriters led by TD Securities Inc. and RBC Capital
Markets. Precision expects to use the net proceeds from the
over-allotment for general corporate purposes. A shelf registration
statement relating to the common shares of Precision has been filed
with the Securities and Exchange Commission and has been declared
effective. This news release shall not constitute an offer to sell
or the solicitation of an offer to buy nor shall there be any sale
of these securities in the United States prior to registration and
any sale in the United States will be made by means of a prospectus
that may be obtained from TD Securities Inc. at 222 Bay Street,
Ernst & Young Tower, 7th Floor, Toronto, Ontario, M1K 1A2 or
from RBC Capital Markets at 200 Bay Street, Royal Bank Plaza, 4th
Floor, Toronto, Ontario, M5J 2W7. Precision Drilling Corporation
(TSX: PD and PD.U; NYSE: PDS) is a global oilfield services company
providing a broad range of drilling, production and evaluation
services with focus on fulfilling customer needs through
fit-for-purpose technologies for the maturing oilfields of the 21st
century. With corporate offices in Calgary, Alberta, Canada and
Houston, Texas, and research facilities in the U.S. and Europe,
Precision employs more than 10,000 people conducting operations in
more than 30 countries. Precision is committed to providing
efficient and safe services to create value for our customers, our
shareholders and our employees. DATASOURCE: Precision Drilling
Corporation CONTACT: Hank B. Swartout, Chairman, President and
Chief Executive Officer; or Dale E. Tremblay, Senior Vice President
Finance and Chief Financial Officer, 4200, 150 - 6th Avenue S.W.,
Calgary, Alberta, T2P 3Y7, Telephone (403) 716-4500; Fax (403)
264-0251; website: http://www.precisiondrilling.com/; To request a
free copy of this organization's annual report, please go to
http://www.newswire.ca/ and click on reports@cnw
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