New York, April 19 - Kereco Energy Ltd. said it completed its private placement of stock, selling C$143 million after the underwriters exercised the over-allotment option.
The deal was originally announced at C$121 million, to be sold as 11 million shares at C$11.00 each. The greenshoe added a further 2 million shares.
The syndicate of underwriters was co-led by GMP Securities Ltd. and Tristone Capital Inc.
The company used the proceeds from the deal to acquire a private company for C$188 million in cash.
Both the private placement and the acquisition close, as expected, on April 19.
The company will also acquire assets in the Sturgeon Lake South field of Northwest Alberta as part of its acquisition.
Based in Calgary, Alta., Kereco is a natural gas exploration, development and production company.
| Issuer: | Kereco Energy Ltd.
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| Issue: | Stock
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| Amount: | C$143 million
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| Shares: | 13 million (includes greenshoe)
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| Greenshoe: | For up to 2 million shares
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| Price: | C$11.00
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| Warrants: | No
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| Underwriters: | GMP Securities Ltd. (lead); Tristone Capital Inc. (lead)
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| Pricing date: | March 21
|
| Settlement date: | April 19
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| Stock price: | C$11.10 at close March 18
|
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