By Sheri Kasprzak
New York, Nov. 17 - Saxon Energy Services Inc. said it completed a C$79.38 million private placement with a fully exercised greenshoe.
The company sold a total of 16.2 million units, including an over-allotment option for 6.1 million units exercised by a syndicate of underwriters led by Westwind Partners Inc., at C$4.90 each.
The units include one share and one half-share warrant. The whole warrants are exercisable at C$6.50 each for two years.
The syndicate also included Orion Securities Inc., Sprott Securities Inc. and Raymond James Ltd.
The offering was first announced Nov. 4 as a C$49.49 million deal composed of 10.1 million units under the same terms.
Proceeds will be used to refinance credit facilities and to acquire and refurbish drilling and work-over rigs. The rest will be used for general corporate purposes.
Based in Calgary, Alta., Saxon provides equipment and tool rental services to the oil and natural gas exploration sector.
| Issuer: | Saxon Energy Services Inc.
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| Issue: | Units of one share and one half-share warrant
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| Amount: | C$79.38 million
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| Units: | 16.2 million (includes greenshoe for 6.1 million units)
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| Price: | C$4.90
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| Warrants: | One half-share warrant per unit
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| Warrant expiration: | Two years
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| Warrant strike price: | C$6.50
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| Underwriters: | Westwind Partners Inc. (lead), Orion Securities Inc., Sprott Securities Inc., Raymond James Ltd.
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| Pricing date: | Nov. 4
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| Stock price: | C$5.05 at close Nov. 4
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| Stock price: | C$4.87 at close Nov. 17
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