Pieridae raises $17.9 million for operating costs

GUYSBOROUGH – Pieridae Energy announced Feb. 28 that it has raised $17.9 million for operating costs from its recent private placement of common shares.

The company issued a total of 8,956,000 common shares at a price of $2 each. In a news release, Pieridae said it anticipates using the funds for “working capital and general corporate purposes.”

The company is continuing with preparatory work in advance of a final investment decision for the Goldboro LNG facility, “including the procurement of additional natural gas prone properties, and gas exploration and development activities,” the release said.

Pieridae has 83,527,990 common shares issued and outstanding which trade on the TSX Venture Exchange (PEA).

A final investment decision on the $10 billion Goldboro LNG project is expected in the first half of 2019.