PRD Energy Inc. announced that it has received CAD 1.85 million in funding.
On March 27, 2014, PRD Energy Inc. closed the transaction. The company issued 1,850,000 common shares for gross proceeds of CAD 1,850,000. The round included participation from six placees. Michael G. Greenwood, Chairman and Chief Executive Officer of the company subscribed for 1,500,000 shares representing approximately 1.3% of the issued and outstanding common shares. Michael G. Greenwood now holds a total of 23,749,649 shares, representing 19.9% of the common shares as well as 2,000,000 options, and will hold 21.7% of the issued and outstanding common shares, assuming Greenwood were to exercise the options. Mark Hornett, President, Chief Operating Officer and Director of the company, Grant Fagerheim, Daryl H. Gilbert, James T. McCoy, and Kelsey Clark each subscribed for 50,000 shares, 100,000 shares, 100,000 shares, 50,000 shares, and 50,000 shares respectively. No finder's fee was paid.