Deal funds capital expenditures, corporate purposes, working capital
By Devika Patel
Knoxville, Tenn., Sept. 5 - Sure Energy Inc. said it raised C$25.01 million in a private placement of subscription receipts. The deal priced Aug. 20.
The company sold 96.2 million receipts at C$0.26 apiece. The purchase price is a 52.94% premium to the Aug. 19 closing share price of C$0.17.
Each receipt will be automatically converted into one common share, which will subsequently be exchanged for 0.105 of a Tamarack Valley Energy Ltd. common share.
The deal was conducted by a syndicate of underwriters led by Dundee Capital Markets and including GMP Securities LP, National Bank Financial Inc., AltaCorp Capital Inc., Paradigm Capital Inc., Peters & Co. Ltd., RBC Dominion Securities Inc. and Acumen Capital Finance Partners Ltd.
Proceeds will be used for capital expenditures and general corporate and working capital purposes.
Sure Energy, based in Calgary, Alta., is a junior oil and gas company engaged in the exploration for, and the acquisition, development and production of, oil and natural gas reserves primarily in the provinces of Alberta and Saskatchewan.
| Issuer: | Sure Energy Inc.
|
| Issue: | Subscription receipts convertible into common shares
|
| Amount: | C$25,012,000
|
| Receipts: | 96.2 million
|
| Price: | C$0.26
|
| Warrants: | No
|
| Underwriters: | Dundee Capital Markets (lead), GMP Securities LP, National Bank Financial Inc., AltaCorp Capital Inc., Paradigm Capital Inc., Peters & Co. Ltd., RBC Dominion Securities Inc. and Acumen Capital Finance Partners Ltd.
|
| Pricing date: | Aug. 20
|
| Settlement date: | Sept. 5
|
| Stock symbol: | Toronto: SHR
|
| Stock price: | C$0.17 at close Aug. 19
|
| Market capitalization: | C$16.05 million
|
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