Valeura Energy Inc. ((VLE.TO) is pleased to announce that it has entered into an agreement with a syndicate of underwriters to purchase, on a "bought deal" basis, 11,500,000 common shares of Valeura at a price of $1.30 per common share for gross proceeds of approximately $15.0 million.
The syndicate will be led by Cormark Securities Inc. and includes National Bank Financial Inc., Canaccord Genuity Corp., FirstEnergy Capital Corp., and Jennings Capital Inc.
In addition, the corporation has granted the underwriters an over-allotment option to acquire up to an additional 1,725,000 common shares at a price of $1.30 per common share. If the over-allotment option is exercised in full, additional gross proceeds will be approximately $2.2 million for total gross proceeds of $17.2 million.
The corporation expects to use the net proceeds of the offering to fund the corporation's capital program, including continued field development and exploration operations in Turkey and for general corporate purposes.
The offering will be made in British Columbia, Alberta, Saskatchewan and Ontario by way of short form prospectus. The offering is scheduled to close on or about Oct. 10.
Recommended Reading
CorEnergy Infrastructure to Reorganize in Pre-packaged Bankruptcy
2024-02-26 - CorEnergy, coming off a January sale of its MoGas and Omega pipeline and gathering systems, filed for bankruptcy protect after reaching an agreement with most of its debtors.
Enbridge Advances Expansion of Permian’s Gray Oak Pipeline
2024-02-13 - In its fourth-quarter earnings call, Enbridge also said the Mainline pipeline system tolling agreement is awaiting regulatory approval from a Canadian regulatory agency.
Canadian Natural Resources Boosting Production in Oil Sands
2024-03-04 - Canadian Natural Resources will increase its quarterly dividend following record production volumes in the quarter.
Bobby Tudor on Capital Access and Oil, Gas Participation in the Energy Transition
2024-04-05 - Bobby Tudor, the founder and CEO of Artemis Energy Partners, says while public companies are generating cash, private equity firms in the upstream business are facing more difficulties raising new funds, in this Hart Energy Exclusive interview.
Genesis Energy Declares Quarterly Dividend
2024-04-11 - Genesis Energy declared a quarterly distribution for the quarter ended March 31 for both common and preferred units.