- Cenovus Energy (CVE) has announced a secondary bought deal offering
- Peters & Co. Limited and BMO Capital Markets, on behalf of a syndicate of underwriters, have agreed to purchase 25,000,000 common shares of Headwater Explorations
- The shares are priced at $4.55 for total gross proceeds to Cenovus of $113,750,000
- The underwriters have been granted an option to purchase an additional 3.75 million shares any time within 30 days
- Cenovus will use the proceeds of the offering to reduce net debt levels and accelerate shareholder returns
- Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region
- Headwater Exploration Inc. is a Canadian resource company engaged in the exploration for and development and production of petroleum and natural gas
- Cenovus Energy Inc. (CVE) is up 3.14 per cent, trading at C$12.50 per share at 3:45 pm ET
Cenovus Energy (CVE) has announced a bought deal offering consisting of 25 million Cenovus-owned shares of Headwater Explorations.
Cenovus has entered into an agreement whereby Peters & Co. Limited and BMO Capital Markets, on behalf of a syndicate of underwriters, have agreed to purchase 25,000,000 common shares of Headwater Explorations.
The shares are priced at $4.55 for total gross proceeds to Cenovus of $113,750,000.
Cenovus has granted the underwriters an option to purchase an additional 3,750,000 common shares at the offering price exercisable in whole or in part at any time until 30 days after the closing.
Cenovus currently holds 50,000,000 common shares of Headwater Explorations and 15,000,000 purchase warrants exercisable until December 2, 2023.
Cenovus will use the proceeds of the offering to reduce net debt levels and accelerate shareholder returns.
Cenovus Energy Inc. is an integrated energy company with oil and natural gas production operations in Canada and the Asia Pacific region.
Headwater Exploration Inc. is a Canadian resource company engaged in the exploration for and development and production of petroleum and natural gas. Headwater has high-quality oil production, reserves, and lands in the prolific Clearwater play in the Marten Hills area of Alberta as well as low decline natural gas production and reserves in the McCully Field near Sussex, New Brunswick.
Cenovus Energy Inc. (CVE) is up 3.14 per cent, trading at C$12.50 per share at 3:45 pm ET.
