PRD Energy Inc. (TSXV:PRD) announced a brokered private placement on bought deal basis of 22,223,000 common shares and non-brokered private placement of 1,666,666 common shares each at a price of CAD 0.90 per share for gross proceeds of CAD 21,500,700 on May 7, 2014. A syndicate of underwriters, co-led by Macquarie Capital Markets Canada Ltd. and TD Securities Inc. and including Haywood Securities Inc. and KES 7 Capital Inc. will act as placement agent to the brokered transaction. The company has also granted the underwriters an option to exercise in whole or in part, up to two business days prior to closing of the brokered private placement, to purchase up to an additional of 3,333,450 common shares at the offer price. The non-brokered private placement transaction will include participation from certain members of the board of directors, management and employees of the company. The transaction is expected to close on or around May 22, 2014. The securities to be issued are subject to a hold period of four months and one day from closing. The transaction is subject to certain conditions including the approval of the TSX Venture Exchange.

On May 22, 2014, PRD Energy Inc. closed the transaction. The company issued on brokered private placement 23,553,755 common share and non-brokered private placement of 1716800 at a price of 0.90 per unit for gross proceeds of CAD 22,743,499.50. The securities being issued are subject to a hold period expiring on September 23, 2014. The company paid a commission of 6% of the gross proceeds of the brokered transaction.