Pacific Asia Petroleum, Inc. (NYSE:PAP) has announced that it has completed its registered direct offering. The offering raised an aggregate of $17.5 million prior to deducting placement agent fees and offering expenses. 4,146,922 shares of the company’s stock, a series of warrants to purchase an aggregate of 1,658,769 additional shares of common stock and a second series of warrants to purchase up to 1,658,769 additional shares of common stock were sold in the offering. The stocks and warrants were sold to certain institutional investors. The company’s Series C Warrants are exercisable at a price of $4.50 per share. Series D Warrants are exercisable at $4.12 per share.
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Pacific Asia Petroleum, Inc. (PAP) is a development-stage company formed to develop new energy ventures, directly and through joint ventures, and other partnerships in which it may participate. Through Inner Mongolia Sunrise Petroleum JV Company (IMPCO Sunrise), the Company commenced operational activities in China. The Company’s operations consist of drilling of oil wells in Inner Mongolia, China, and exploration and development operations. PAP has four wholly owned subsidiaries and joint ventures, which includes Inner Mongolia Production Company (HK) Limited (IMPCO HK), IMPCO Sunrise, Pacific Asia Petroleum (HK) Limited (PAP HK), and Pacific Asia Petroleum, Limited (PAPL).
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