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Surge Energy Inc Announces Closing Of $247.5 Million Equity Financing


Wednesday, 3 Jul 2013 10:58am EDT 

Surge Energy Inc announced the closing of its previously announced $247.5 million equity financing. The financing was completed in connection with the previously announced acquisition by the Company of certain assets in Saskatchewan. The Company issued 15,000,000 units of the Company on a 'bought deal' basis at a price of $15.00 per Unit, for gross proceeds of $225 million. Each Unit was comprised of one common share of the Company at a price of $5.00 per Common Share and two subscription receipts at a price of $5.00 per Subscription Receipt of the Company. The Underwriters have exercised their option to purchase up to an additional 4,500,000 Subscription Receipts, for proceeds of an additional $22.5 million. The gross proceeds from the sale of Subscription Receipts are being held in escrow pending the satisfaction of all conditions to the completion of the Acquisition, provided that the closing date of the Acquisition is on or before September 30, 2013. If the Acquisition is not completed on or before September 30, 2013 or if terminated, holders of Subscription Receipts will receive, for each Subscription Receipt held, a cash payment equal to the Subscription Receipt offering price and any interest earned thereon during the term of the escrow. The gross proceeds from the issuance of Common Shares will be used to pay down debt and for general corporate purposes and the gross proceeds from the issuance of Subscription Receipts will be used to partially fund the Acquisition. 

Company Quote

8.26
0.08 +0.98%
29 Jul 2014