Proceeds will help finance C$168.5 million acquisition
By Angela McDaniels
Tacoma, Wash., Sept. 3 – Tamarack Valley Energy Ltd. plans to complete a private placement of 1.28 million flow-through common shares at C$7.85 per share for C$10.05 million of proceeds.
The price per share is a 3.97% premium to the company’s C$7.55 closing share price on Sept. 2.
The syndicate of underwriters is co-led by Dundee Securities Ltd. and National Bank Financial Inc. and includes Macquarie Capital Markets Canada Ltd., GMP Securities L.P., Clarus Securities Inc., Peters & Co. Ltd., RBC Dominion Securities Inc., and AltaCorp. Capital Inc.
The syndicate will also underwrite a C$115.12 million subscription receipts offering with a C$17.27 million greenshoe.
The placement is expected to close on Sept. 26 concurrently with the subscription receipts offering.
Proceeds will be used to finance subsidiary Tamarack Acquisition Corp.’s C$168.5 million acquisition of 100% of Suncor Energy’s interests in the Wilson Creek area of Alberta, which is contiguous with Tamarack's existing Cardium interest in Wilson Creek.
Tamarack Valley Energy is an oil and gas exploration and production company based in Calgary, Alta.
| Issuer: | Tamarack Valley Energy Ltd.
|
| Issue: | Flow-through common shares
|
| Amount: | C$10,048,000
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| Shares: | 1.28 million
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| Price: | C$7.85
|
| Warrants: | No
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| Underwriters: | Dundee Securities Ltd. (co-lead), National Bank Financial Inc. (co-lead), Macquarie Capital Markets Canada Ltd., GMP Securities L.P., Clarus Securities Inc., Peters & Co. Ltd., RBC Dominion Securities Inc., and AltaCorp. Capital Inc.
|
| Pricing date: | Sept. 3
|
| Settlement date: | Sept. 26
|
| Stock symbol: | TSX Venture: TVE
|
| Stock price: | C$7.43 at close Sept. 3
|
| Market capitalization: | C$449.24 million
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