June 4, 2009 / 8:18 PM / 9 years ago

UPDATE 1-Trinidad Drilling to raise C$140 mln by selling shares

* To sell 27.2 mln shares at C$5.15 per share

* To use proceeds to reduce debt

June 4 (Reuters) - Canada’s Trinidad Drilling Ltd (TDG.TO) said it plans to sell 27.2 million shares at C$5.15 apiece for gross proceeds of about C$140 million ($127.9 million).

If the over-allotment option is exercised in full, the gross proceeds will be about C$150 million, the company said, adding that the net proceeds from the offering will be used to reduce debt.

The company said it entered into an agreement with a syndicate of underwriters led by Raymond James Ltd related to the bought deal equity financing.

    The offer price represents a discount of about 10 percent to the stock’s Thursday closing price of C$5.70 on the Toronto Stock Exchange.

    The offering is expected to close on or about June 25, the company said in a statement. ($1=1.095 Canadian Dollar) (Reporting by Ashutosh Joshi in Bangalore; Editing by Deepak Kannan)

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