24 Feb 2004capital raising announcement● NeutralMajor
Pioneer Drilling sold 4,400,000 new shares at $5.40 each in a private placement on February 20, 2004, raising $23.8 million gross. About $12.0 million is earmarked for the previously announced seven-rig acquisition (expected to close in early March 2004), with the rest for more drilling equipment, trucking assets and general purposes. This follows the shelf registration filed days earlier; new shares dilute existing holders, and the company agreed to register them for resale.