- Saturn Oil & Gas (SOIL) has closed a bought deal offering of subscription receipts and announced a non-brokered private placement
- The company issued a total of 27,181,860 subscription receipts priced at $2.75 per receipt for gross proceeds of $74,750,115
- Saturn has also announced a non-brokered offering of units for total proceeds of up to $3 million
- Saturn Oil & Gas is a Canadian energy company
- Saturn Oil & Gas Inc. (SOIL) is up 1.07 per cent on the day, trading at C$2.84 per share at 10 am ET
Saturn Oil & Gas (SOIL) has closed a bought deal offering of subscription receipts and announced a non-brokered private placement.
The company issued a total of 27,181,860 subscription receipts priced at $2.75 per receipt for gross proceeds of $74,750,115.
Each subscription receipt entitles the holder to receive, immediately prior to closing of the previously announced Viking Acquisition one unit. Each unit will consist of one common share and one half of one common share purchase warrant. Each whole warrant will be exercisable for one additional share for a period of 12 months
If the Viking Acquisition is not completed by October 6, 2022, the gross proceeds of the bought deal offering will be paid to holders of the subscription receipts and the receipts will be cancelled.
Proceeds from the offering will be directed towards the Viking Acquisition as well as drilling and completions work, working capital, and general corporate purposes.
Saturn Oil & Gas has also announced a non-brokered offering of units for total proceeds of up to $3 million.
The offering will consist of up to 1,090,909 units priced at $2.75 per unit.
Net proceeds will be used for working capital and general corporate purposes.
The offering is expected to close on or before the closing of the Viking acquisition.
Saturn Oil & Gas Inc. is a Canadian energy company focused on generating positive shareholder returns through the continued responsible development of high-quality, light oil-weighted assets, supported by an acquisition strategy that targets highly accretive, complementary opportunities.
Saturn Oil & Gas Inc. (SOIL) is up 1.07 per cent on the day, trading at C$2.84 per share at 10 am ET.