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Whitecap Resources Inc announces acquisition of Strategic Long Life, Low Decline Light Oil Assets, $500 mln Financing and Increased Dividend by 10 pct


Monday, 17 Mar 2014 07:26am EDT 

Whitecap Resources Inc:Enters into agreement to purchase certain strategic light oil assets focused primarily in Whitecap's Pembina Cardium / West Central core area, as well as at Boundary Lake in northeast BC.Total net consideration is $692.7 mln.Enters into unrelated purchase and sale agreement to acquire private oil and gas company with assets in north central Alberta for a purchase price of $107 mln.This acquisition is expected to close on or before April 30.Approves 10 pct increase to monthly dividend from $0.0567 to $0.0625 per share.Dividend increase is expected to start with May 2014 dividend payable in June 2014.Whitecap has enters into agreement with syndicate of underwriters.Underwriters have agreed to purchase for resale to public, on bought deal basis, 44,643,000 subscription receipts of Whitecap at price of $11.20 per Subscription Receipt for gross proceeds of about $500 mln.Members of Whitecap Board of Directors, management team and employees intend to participate in Financing for about $3.1 mln.Net proceeds from sale of Subscription Receipts will be released from escrow to Whitecap and each Subscription Receipt will be exchanged for one common share of Whitecap for no additional consideration. 

Company Quote

18.43
1.22 +7.09%
1:44pm EDT