Company sells receipts at C$0.325 apiece through syndicate of agents
By Devika Patel
Knoxville, Tenn., Feb. 9 - Valeura Energy Inc. said it plans a private placement of subscription receipts. The deal will raise C$75 million through a syndicate of underwriters co-led by Canaccord Genuity Corp. and Cormark Securities Inc. and including National Bank Financial Inc., FirstEnergy Capital Corp. and GMP Securities LP. There is an C$11.25 million greenshoe.
The company will sell 230,769,000 receipts at C$0.325 apiece on a bought-deal basis. The price per receipt reflects a 12.16% discount to the Feb. 8 closing share price of C$0.37.
Each receipt will convert into one common share and one half-share warrant, which is exercisable at C$0.55 for five years. The strike price is a 48.65% premium to the Feb. 8 closing share price.
The petroleum, natural gas and helium company is based in Calgary, Alta.
Issuer: | Valeura Energy Inc.
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Issue: | Subscription receipts
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Amount: | C$75 million
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Greenshoe: | C$11,249,989
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Receipts: | 230,769,000
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Price: | C$0.325
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Warrants: | No
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Underwriters: | Canaccord Genuity Corp. and Cormark Securities Inc. (co-leads), National Bank Financial Inc., FirstEnergy Capital Corp. and GMP Securities LP
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Pricing date: | Feb. 9
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Stock symbol: | TSX Venture: VLE
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Stock price: | C$0.37 at close Feb. 8
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Market capitalization: | C$73.51 million
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