Company also to sell shares in a C$71.89 million brokered public sale
By Devika Patel
Knoxville, Tenn., March 29 - Birchcliff Energy Ltd. said it will conduct a C$38.25 million private placement of stock with Seymour Schulich.
The company will sell 5 million common shares at C$7.65 per share to Schulich. The price per share represents a 13.27% discount to the March 28 closing share price of C$8.82.
Settlement is expected April 19.
Birchcliff also announced it plans a C$71.89 million public offering of stock, which will be conducted on a bought-deal basis through a syndicate of agents led by GMP Securities LP, Cormark Securities Inc. and National Bank Financial Inc. and including CIBC World Markets Inc., HSBC Securities (Canada) Inc. and Stifel Nicolaus Canada Inc. In the public sale, the company will sell common shares at C$7.65 per share and flow-through common shares at C$9.20 apiece.
Proceeds from both sales will be used for exploration and to pay down debt.
Based in Calgary, Alta., Birchcliff is an oil and natural gas exploration company.
| Issuer: | Birchcliff Energy Ltd.
|
| Issue: | Common stock
|
| Amount: | C$38.25 million
|
| Shares: | 5 million
|
| Price: | C$7.65
|
| Warrants: | No
|
| Investor: | Seymour Schulich
|
| Pricing date: | March 29
|
| Settlement date: | April 19
|
| Stock symbol: | Toronto: BIR
|
| Stock price: | C$8.82 at close March 28
|
| Market capitalization: | C$917.64 million
|
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