Deal settles with Ontario Teachers' Pension Plan, Bissett Investment
By Devika Patel
Knoxville, Tenn., March 8 - NuVista Energy Ltd. said it has concluded a private placement of stock. TD Securities Inc. was the agent for the C$66.5 million deal, which priced Feb. 15.
The company sold 3.5 million common shares at C$9.50 apiece to Ontario Teachers' Pension Plan and an equal number of shares at the same price to Bissett Investment Management. The price per share is a 2.96% discount to the Feb. 14 closing share price of C$9.79.
Proceeds will be used to enhance financial flexibility and fund an expanded Wapiti Montney capital program.
The company also said it completed a C$33.25 million public stock sale of 3.5 million shares, sold at the same price as those in the placement, through a syndicate of underwriters led by TD Securities Inc. and including BMO Capital Markets, CIBC World Markets Inc., Peters & Co. Ltd., RBC Capital Markets, Scotia Capital Inc., FirstEnergy Capital Corp. and Cormark Securities Inc.
Calgary, Alta.-based NuVista is an oil and natural gas exploration, development and production company with properties located in east central Alberta and west central Saskatchewan.
| Issuer: | NuVista Energy Ltd.
|
| Issue: | Common shares
|
| Amount: | C$66.5 million
|
| Shares: | 7 million
|
| Price: | C$9.50
|
| Warrants: | No
|
| Agent: | TD Securities Inc.
|
| Investors: | Ontario Teachers' Pension Plan (for C$33.25 million) and Bissett Investment Management (for C$33.25 million)
|
| Pricing date: | Feb. 15
|
| Settlement date: | March 8
|
| Stock symbol: | Toronto: NVA
|
| Stock price: | C$10.32 at close Feb. 15
|
| Market capitalization: | C$840.53 million
|
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