
(Source: Shutterstock.com, Spartan Delta Corp.)
E&P Spartan Delta Corp. has increased its previously announced bought deal equity financing to CA$85 million (US$59.2 million) from CA$50 million (US$34.85 million), Calgary-based Spartan said Jan. 14.
The company reached the agreement with a syndicate of underwriters led by National Bank Financial Inc., which is also acting as the lead underwriter and sole bookrunner, the company said in its release.
Under the terms of the increased deal, the underwriters have agreed to purchase approximately 22.2 million of Spartan common shares, for resale to the public, at CA$3.82 per share (US$2.66), the company said.
The shares are expected to generate gross proceeds of approximately CA$85 million, Spartan said.
The company holds assets in the Deep Basin and Duvernay Shale.
The underwriters also have an option to acquire up to an additional 15% of the common shares issued under this equity offering at CA$3.82 per share to cover over allotments and for market stabilization purposes, the release stated.
The equity offering is expected to close by Jan. 30.
Recommended Reading
Phillips 66’s NGL Focus, Midstream Acquisitions Pay Off in 2024
2025-02-04 - Phillips 66 reported record volumes for 2024 as it advances a wellhead-to-market strategy within its midstream business.
Buying Time: Continuation Funds Easing Private Equity Exits
2025-01-31 - An emerging option to extend portfolio company deadlines is gaining momentum, eclipsing go-public strategies or M&A.
Pinnacle Midstream Execs Form Energy Spectrum-Backed Renegade
2025-02-03 - Renegade Infrastructure, led by Permian-centric Pinnacle Midstream developers Drew Ward and Jason Tanous, have received a capital commitment from Energy Spectrum Partners.
Argent LNG, Baker Hughes Sign Agreement for Louisiana Project
2025-02-03 - Baker Hughes will provide infrastructure for Argent LNG’s 24 mtpa Louisiana project, which is slated to start construction in 2026.
E&P Consolidation Ripples Through Energy Finance Providers
2024-11-29 - Panel: The pool of financial companies catering to oil and gas companies has shrunk along with the number of E&Ps.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.