The basic release is out, doesn't say much.

I would think the news would already be factored into the SP and the SP wouldn't change much unless the pending news changed. JMO though.

Here's the meat, of course the entirety should be read and usual disclaimers noted.

"Connacher announces closing of equity offering

     /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
     DISSEMINATION IN THE UNITED STATES/

     CALGARY, June 5 /CNW/ - Connacher Oil and Gas Limited ("Connacher" - CLL
- TSX) announces that it has closed its previously announced equity financing
(the "Offering") of 191,762,500 common shares ("Common Shares") at a price of
$0.90 per Common Share (the "Offering Price") for gross proceeds of
$172,586,250, which includes the proceeds from the exercise in full by the
underwriters of an over-allotment option to purchase an additional 25,012,500
Common Shares at the Offering Price. The Offering was underwritten by a
syndicate with RBC Capital Markets as sole bookrunner and co-lead manager,
together with Credit Suisse Securities (Canada), Inc. and TD Securities Inc.
as the other co-lead managers and also including Scotia Capital Inc., GMP
Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets
Canada Ltd. and Raymond James Ltd.
     Upon closing of the Offering, Connacher has 403,473,442 Common Shares
(443,915,457 Common shares on a fully diluted basis) issued and outstanding."