- Valeura Energy (VLE) has closed its bought-deal-basis private placement offering of 3,937,000 common shares
- The company offered the shares at a price of C$2.54 per common share for gross proceeds of approximately C$10 million
- The company plans to use the the proceeds from the offering to fund pre-production operations at the Wassana field, Thailand
- Valeura Energy Inc. is a Canadian company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Turkey
- Valeura Energy Inc. was up 4.508 per cent, trading at C$2.55 at 1:44 PM ET
Valeura Energy (VLE) has closed its bought-deal-basis private placement offering of 3,937,000 common shares.
The company offered the shares, as announced on January 31, 2023, at a price of C$2.54 per common share for gross proceeds of approximately C$10 million.
The offering was led by Research Capital Corporation as the sole underwriter and sole bookrunner.
“I am pleased to have closed this financing, and grateful to both existing and new shareholders who have recognized the value proposition presented by an investment in Valeura shares as we evolve to become a significant Thailand oil producer,” said Sean Guest, President and CEO of Valeura.
“At the same time, our growth ambitions remain on track, including our planned acquisition of the Thailand upstream oil producing portfolio of Mubadala Energy by our 87.5%-owned subsidiary company, which we anticipate will close in Q1 2023, as previously announced,” he added.
The company plans to use the the proceeds from the offering to fund pre-production operations at the Wassana field, Thailand, to kick-off the Wassana infill drilling program scheduled to begin in Q2 2023, and for general corporate purposes.
A director and officer of the company participated in the offering under applicable securities laws, acquiring 20,000 common shares. Participation by the insider in the offering was considered a “related party transaction” in line with Multilateral Instrument 61- 101 – Protection of Minority Security Holders in Special Transactions (“MI 61-101”).
Valeura Energy Inc. is a Canada-based public company engaged in the exploration, development and production of petroleum and natural gas in Thailand and in Turkey, and is pursuing further inorganic growth in Southeast Asia.
Valeura Energy Inc. was up 4.508 per cent, trading at C$2.55 at 1:44 PM ET.
