Acquired company with producing properties in AB & SK.
WestFire Energy Ltd., Calgary, (Toronto: WFE) has acquired Exceed Energy Inc., Calgary, for C$30 million.
The acquisition includes producing oil and gas properties in the Lloydminster/Lindbergh and Peace River Arch areas of Alberta and light oil properties in southeastern Saskatchewan.
In conjunction with the deal, Exceed completed a private placement of 800 million common shares for proceeds of C$45.04 million. The offering was led by Macquarie Capital Markets Canada Ltd. and included CIBC World Markets Inc., National Bank Financial Inc., Scotia Capital Inc., GMPSecurities LP, Raymond James Ltd., Research Capital Corp. and Wellington West Capital Markets Inc. The remaining C$15.04 million from the offering will be used to fund the company's 2010 drilling program and for general corporate purposes.
As a part of the deal, Exceed shareholders received 0.01 of a WestFire common share for each Exceed share held.
Exceed's shares have been delisted from the Toronto Venture exchange. WestFire is now trading on the Toronto Stock Exchange under the symbol "WFE."