By Sheri Kasprzak
New York, May 31 - Canadian Sub-Surface Energy Services Corp. said the greenshoe was exercised on its previously announced private placement, bringing the total proceeds to C$18,999,997.
The company issued 2,533,333 shares at C$7.50 each, including the over-allotment option for 200,000 shares exercised by a syndicate of underwriters led by Raymond James Ltd.
The syndicate also included Sprott Securities Inc. and Westwind Partners Inc.
The deal priced on May 10 as a C$17,499,997 offering of 2,333,333 shares.
Proceeds will be used to pay for a portion of Canadian Sub-Surface's acquisition of Colter Production Services Inc.
Under the terms of the acquisition, Canadian Sub-Surface will buy all of the assets of Colter for C$29.85 million. Of that, C$16.3 million will be funded in cash and C$13.55 million through stock at C$7.37 per share.
Calgary, Alta.-based Canadian Sub-Surface provides wireline, product testing and well optimization and swabbing services to the oil and natural gas exploration sector.
| Issuer: | Canadian Sub-Surface Energy Services Corp.
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| Issue: | Stock
|
| Amount: | C$18,999,997
|
| Shares: | 2,533,333 (includes greenshoe for 200,000 shares)
|
| Price: | C$7.50
|
| Warrants: | No
|
| Underwriters: | Raymond James Ltd. (lead), Sprott Securities Inc. and Westwind Partners Inc.
|
| Pricing date: | May 10
|
| Settlement date: | May 31
|
| Stock symbol: | Toronto: CSE
|
| Stock price: | C$7.80 at close May 9
|
| Stock price: | C$7.80 at close May 31
|
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