By Sheri Kasprzak
New York, May 8 - Advanced Drilling Services, LLC concluded a $17 million private placement of class B interests.
The offering was conducted as part of Advanced Drilling's acquisition by Pacific East Advisors, Inc.
Advanced Drilling issued 13.6 million class B interests at $1.25 each.
Once the merger is complete, the Advanced Drilling-issued interests will automatically convert into 13.6 million in Pacific East Advisors' common stock.
Under the merger terms, Advanced Drilling will become a wholly owned subsidiary of Pacific East.
Based in Cupertino, Calif., Pacific East is an oil drilling company.
| Issuer: | Advanced Drilling Services, LLC
|
| Issue: | Class B interests
|
| Amount: | $17 million
|
| Interests: | 13.6 million
|
| Price: | $1.25
|
| Warrants: | No
|
| Settlement date: | May 7
|
| Stock symbol: | Pink Sheets: PCAD (for Pacific East)
|
| Stock price: | $9.95 at close May 7
|
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