Cirrus Energy Corp. (CYR.V) said it closed a short form prospectus offering of 12.0 million shares at a price of $4.55 per share for proceeds of $54.6 million. The offering was completed through a syndicate of underwriters led by Tristone Capital Inc. that included BMO Nesbitt Burns Inc. and FirstEnergy Capital Corp.
The company intends to use the proceeds from the offering to fund the exploration, appraisal and development drilling on the K10-Bravo Oil Field as well as drilling on other North Sea oil and gas assets.
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