Whitecap Resources Inc. closed a CA$470 million bought deal financing in which it issued about 51 million subscription receipts priced at CA$9.20 each, the company said May 30.
Whitecap said the subscription receipts will be listed and posted for trading on the Toronto Stock Exchange under the ticker “WCP.R” on May 30.
The gross proceeds from the financing were placed in escrow pending the closing of the acquisition of certain petroleum and natural gas properties, interests and related assets located in southwest Saskatchewan. The acquisition is expected to be completed by June 23.
If the acquisition is not closed by the August 31 expiry time, or if the agreement governing it is terminated, or if Whitecap does not proceed with the acquisition, subscription receipt holders will receive the full subscription price and any interest, the company said.
The syndicate of underwriters, led by National Bank Financial Inc. and TD Securities Inc., includes Scotia Capital Inc., GMP Securities LP, RBC Dominion Securities Inc., BMO Nesbitt Burns Inc., CIBC World Capital Markets Inc., FirstEnergy Capital Corp., Peters & Co. Ltd., Cormark Securities Inc., AltaCorp Capital Inc. and Macquarie Capital Markets Canada Ltd.
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