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Gold/Mining/Energy : RIS Resources International Corp, RIS-V
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To: Brian Diggle who wrote (238)9/7/1999 9:49:00 AM
From: kfdkfd  Read Replies (1) of 250
 
Pennaco Energy Files Registration Statement For Public Offering of Common Stock
DENVER, Sept. 7 /PRNewswire/ -- Pennaco Energy, Inc. (Amex: PN - news) today announced that it has filed a registration statement with the Securities and Exchange Commission for a public offering of 3.0 million shares which includes 2.0 million shares of common stock to be sold by Pennaco and 1.0 million shares of Pennaco common stock to be sold by its largest shareholder, RIS Resources International. RIS is a Vancouver, British Columbia based company that was a venture stage investor in Pennaco and currently owns 2.5 million shares of Pennaco common stock.

Bear, Stearns & Co. Inc. will lead manage the offering and A.G. Edwards & Sons, Inc., Howard, Weil, Labouisse, Friedrichs Incorporated and Hanifen, Imhoff Inc. will co-manage the underwriting syndicate offering the shares to the public.

Pennaco expects to use the net proceeds of the offering in conjunction with the Company's credit facility to continue its drilling and lease acquisition program including the funding of $7.7 million of Powder River Basin lease acquisitions closed since June 30, 1999, planned exploration and development drilling activities as well as lease acquisitions in the Powder River Basin and for general corporate purposes.
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