Non-brokered offering sells shares at C$10.67 to finance development
By Devika Patel
Knoxville, Tenn., April 29 - Whitecap Resources Inc. said it will conduct a C$20.01 million non-brokered private placement of stock.
The company will sell 1,875,000 flow-through common shares at C$10.67 each. The price per share is a 6.91% premium to the April 26 closing share price of C$9.98.
The deal will be conducted alongside a C$90 million public sale of 9,279,000 common shares at C$9.70 per share. The public offering is being conducted by a syndicate of underwriters co-led by GMP Securities L.P. and National Bank Financial Inc. and will have a C$10.81 million greenshoe option.
Both deals are being conducted in connection with the company's planned C$110 million acquisition of an existing Viking light oil waterflood asset in the Dodsland area of west central Saskatchewan.
Settlement is expected on May 16.
Proceeds will be used for development.
The Calgary, Alta., company explores for crude oil, natural gas and natural gas liquids.
| Issuer: | Whitecap Resources Inc.
|
| Issue: | Flow-through common shares
|
| Amount: | C$20,006,250
|
| Shares: | 1,875,000
|
| Price: | C$10.67
|
| Warrants: | No
|
| Agent: | Non-brokered
|
| Pricing date: | April 29
|
| Settlement date: | May 16
|
| Stock symbol: | Toronto: WCP
|
| Stock price: | C$9.98 at close April 26
|
| Market capitalization: | C$1.32 billion
|
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