Paramount Resources to issue 3M shares to raise $104 million

By The Staff The Canadian Press

Posted October 25, 2011 5:01 am

1 min read

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CALGARY – Paramount Resources Ltd. (TSX:POU) has struck a bought deal with underwriters to raise more than $104 million in a common share financing.

The Calgary-based oil and natural gas producer said Tuesday it will issue three million class A common shares at $34.75 each to Canadian investors.

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The financing is slated to close Nov. 16.

The money will be used to pay down debt, for capital spending and other corporate purposes.

Paramount is focused on oil and gas operations in Western Canada.

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