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UPDATE 1-Second Wave Petroleum to raise C$16.5 mln
September 29, 2009 / 6:03 PM / 8 years ago

UPDATE 1-Second Wave Petroleum to raise C$16.5 mln

* To sell 9.6 mln shrs on bought-deal basis at C$1.40/shr

* To sell 1.8 mln on flow-through basis at C$1.70/shr

* Sees principal shareholder buying C$3.5 mln of shares

Sept 29 (Reuters) - Second Wave Petroleum Inc SCS.V said it would raise about C$16.5 million through an equity issue, partly to fund exploration and development at its emerging Judy Creek Pekisko oil play in Alberta.

The company said a syndicate of underwriters, led by Wellington West Capital Markets, agreed to buy 9.6 million shares at C$1.40 apiece on a bought deal basis, representing a discount of about 24 percent to the shares’ closing price on Monday.

The company said it would also sell about 1.8 million shares on a flow-through basis at C$1.70 a share.

Second Wave said it granted the underwriters an over-allotment option of 1.1 million shares at C$1.40 per share.

The company’s principal shareholder, Brookfield Bridge Lending Fund, is expected to subscribe to C$3.5 million of shares under the offering, the company said.

Shares of the company were down more than 5 percent at C$1.75 on the Venture Stock Exchange. (Reporting by Amit Kumar in Bangalore; Editing by Aradhana Aravindan)

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