PEDEVCO Corp., doing business as Pacific Energy Development, priced the public offering of 5.6 million common shares at 50 cents each, the company said May 13.
Net proceeds are expected to be about $2.7 million, PEDEVCO said. They will support additional leasehold rights in the Denver-Julesburg Basin in Colorado, fund working capital and support general corporate purposes.
The offering is scheduled to settle and close May 18.
Underwriters were granted a 45-day option to purchase 840,000 additional shares to cover overallotments.
National Securities Corp., a wholly owned subsidiary of National Holdings Inc., is sole book-running manager.
PEDEVCO Corp. is based in Danville, Calif.
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