Bellatrix Exploration Ltd. (TO: BXE.TO, NYSE MKT: BXE) resized and repriced a recently announced common share offer, the company said May 28.
A total of 15.8 million common shares were offered, on a bought deal basis, at $9.50 each, the company said. There were C$150 million in aggregate gross proceeds, the company said.
An underwriters’ option, to purchase an additional 2.4 million shares at the same price per share, was offered, the company said. This covered any additional proceeds of C$22.5 million, Bellatrix said.
The proceeds will temporarily reduce credit facility debts, the company said. The borrowing capacity of the facility might then be redrawn to support the capex and general corporate purposes, the company added.
The capex was recently increased to $500 million from $440 million, the company noted.
Canaccord Genuity Group and Dundee Securities Ltd. co-led the syndicate of underwriters, the company said.
The offer is scheduled to close June 5, the company said.
Calgary, Alberta-based Bellatrix Exploration Ltd. operates in western Canada’s Sedimentary Basin.
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