Parex Resources Inc Announces Closing Of Llanos Basin Acquisition

Parex Resources Inc announced that it has closed the previously announced acquisition of a company which holds the 50% interest Parex does not already own in four Llanos Basin blocks in Colombia, including the Kona discovery on Block LLA-16, for approximately $255 million in cash, net of closing adjustments. The Acquisition was funded through a bought deal financing, pursuant to which the Company issued 31.05 million subscription receipts of Parex at CAD7.00 per Subscription Receipt for gross proceeds of CAD217.35 million and CAD85.0 million aggregate principal amount of 5.25% extendible convertible unsecured subordinated debentures of Parex (Debentures), for total combined gross proceeds of CAD302.35 million. The Offering was co-led by FirstEnergy Capital Corp. and Scotia Capital Inc., and included Haywood Securities Inc., CIBC World Markets Inc., Peters & Co. Limited, Raymond James Ltd., RBC Capital Markets and TD Securities Inc.