Company sells receipts at C$0.325 apiece through syndicate of agents
By Devika Patel
Knoxville, Tenn., Feb. 28 - Valeura Energy Inc. said it plans a private placement of subscription receipts. The deal priced for C$75 million with a C$11.25 million greenshoe on Feb. 9 and raised the full C$86.25 million.
The company sold 265,384,350 receipts at C$0.325 apiece. Of the receipts, 34,615,350 were part of the fully exercised greenshoe. 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 offering was conducted 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.
Proceeds will be used to fund the purchase price of the company's previously announced $61.5 million acquisition of land from TransAtlantic Worldwide Ltd. Proceeds will also be used for exploration and development and general corporate purposes.
The petroleum, natural gas and helium company is based in Calgary, Alta.
Issuer: | Valeura Energy Inc.
|
Issue: | Subscription receipts
|
Amount: | C$86,249,914 (including C$11,249,989 greenshoe)
|
Receipts: | 265,384,350
|
Price: | C$0.325
|
Warrants: | No
|
Underwriters: | Canaccord Genuity Corp. and Cormark Securities Inc. (co-leads), National Bank Financial Inc., FirstEnergy Capital Corp. and GMP Securities LP
|
Pricing date: | Feb. 9
|
Settlement date: | Feb. 28
|
Stock symbol: | TSX Venture: VLE
|
Stock price: | C$0.37 at close Feb. 8
|
Market capitalization: | C$74.5 million
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.