Particle Drilling wraps up $5M share placementadmin
Particle Drilling Technologies Inc. has completed the private sale of $5 million shares of its common stock to institutional and other accredited investors at $2.35 per share.
The Houston-based oilfield services firm pocketed $11.75 million from the offering and plans to use the gross proceeds to manufacture particle impact drilling systems, to hire and train personnel, to develop a new particle injection system, for research and development and for general corporate purposes.
RBC Capital Markets and Tejas Securities Group Inc. acted as co-placement agents for the offering.
Houston-based Particle Drilling (NASDAQ: PDRT) develops technology to improve the rate-of-penetration function in the drilling process, particularly in hard rock drilling environment.