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Rodman & Renshaw Acts as a Co-Manager to Triangle Petroleum on Public Offering of Common Stock

^{Published on 2010-11-06 05:35:44 - Market Wire}
 

NEW YORK--([ BUSINESS WIRE ])--Rodman & Renshaw, LLC, a wholly owned subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), a leading full service investment bank for growth companies, today announced that it is acting as co-manager to Triangle Petroleum Corporation (the "Company") (NYSX Amex: TPLM) (TSX VENTURE: TPO),an oil and gas exploration and production company with assets in North Dakota and Nova Scotia, for the pricing of an underwritten public offering of 10,800,000 shares of its common stock at a price to the public of $5.50 per share. The gross proceeds to the Company from this offering are expected to be approximately $54.3 million, after deducting underwriting discounts and commissions and other estimated offering expenses. The offering is expected to close on or about November 10, 2010, subject to customary closing conditions. The Company has also granted the underwriter a 30-day option to purchase up to an additional 1,620,000 shares of common stock to cover over-allotments, if any. All of the shares in the offering are to be sold by the Company.

The Company also announced that, effective as of November 5, 2010, its common stock will begin trading on the NYSE Amex under the symbol "TPLM." In connection with its listing on the NYSE Amex, the Company's common stock will cease trading on the OTC Bulletin Board and will continue trading on the TSX Venture Exchange but will change its symbol on that exchange from "TPE" to "TPO." Furthermore, the Company's previously announced 1-for-10 reverse stock will also be effective for trading purposes as of November 5, 2010. The listing of the Company's common stock on the NYSE Amex and the effectiveness of the reverse stock split were conditions to the proposed offering.

The Company intends to use the net proceeds from this offering to fund its drilling and development expenditures, leasehold acquisitions, including the previously announced purchase in Williams County, North Dakota, and general corporate purposes, including working capital.

Johnson Rice & Company L.L.C. is acting as sole book-running manager in the offering with Rodman & Renshaw, LLC and Canaccord Genuity acting as co-managers for the offering. A registration statement on Form S-1 relating to the shares was filed with the Securities and Exchange Commission and is effective. A preliminary prospectus relating to the offering has been filed with the SEC and is available on the SEC's web site at [ http://www.sec.gov ]. Copies of the final prospectus relating to the offering, when available, may be obtained from the offices of Johnson Rice & Company L.L.C. at 639 Loyola Ave., Suite 2775, New Orleans, Louisiana 70113, (504) 525-3767, or from the above-mentioned SEC website.

This press release does not constitute an offer to sell, or the solicitation of an offer to buy, these securities, nor will there be any sale of these securities in any state, province or other jurisdiction in which such offer, solicitation or sale is not permitted.

About Triangle Petroleum Corporation

Founded in 2006, Triangle Petroleum Corporation (NYSX Amex: TPLM) (TSX VENTURE: TPO) is an independent oil and gas exploration company with approximately 475,000 gross acres (413,000 net acres) in the Windsor Block of Nova Scotia and approximately 13,000 net acres in the Williston Basin targeting the Bakken Shale and Three Forks formations.

About Rodman & Renshaw

Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM) is a holding company with a number of direct and indirect subsidiaries, including Rodman & Renshaw, LLC.

Rodman & Renshaw is a full-service investment bank dedicated to providing corporate finance, strategic advisory and related services to public and private companies across multiple sectors and regions. Rodman also provides research and sales and trading services to institutional investors. Rodman is the leader in the PIPE (private investment in public equity) and RD (registered direct offering) transaction markets. According to Sagient Research Systems, Rodman has been ranked the #1 Placement Agent in terms of the aggregate number of PIPE and RD financing transactions completed every year since 2005.

For more information visit Rodman & Renshaw on the Internet at [ www.rodm.com ]

Rodman & Renshaw Cautionary Note Regarding Forward Looking Statements

This press release contains forward-looking statements regarding future events. In some cases, you can identify these statements by words such as amay,a amight,a awill,a ashould,a aexcept,a aplan,a aintend,a aanticipate,a abelieve,a aestimate,a apredict,a apotential,a or acontinue,a the negative of these terms and other comparable terminology. These statements involve a number of risks and uncertainties and are based on numerous assumptions involving judgments with respect to future economic, competitive and market conditions and future business decisions, all of which are difficult or impossible to predict accurately and many of which are beyond the Companya™s control. There are or may be important factors that could cause our actual results to materially differ from our historical results or from any future results expressed or implied by such forward looking statements.

These factors include, but are not limited to, those discussed under the section entitled aRisk Factorsa in our Annual Report on Form 10 K, filed March 16, 2010, which is available at the U.S. Securities and Exchange Commission website at [ www.sec.gov ]. The forward-looking statements in this press release are based upon management's reasonable belief as of the date hereof. The Company undertakes no obligation to revise or update publicly any forward-looking statements for any reason.

MEMBER FINRA, SIPC