Sure Energy (SHR-V), Tamarack Valley Energy (TVE-V) close $25.01-million financing
Sept 5, 2013 - News Release
Further to Sure Energy Inc. and Tamarack Valley Energy Ltd.'s joint news release on Aug. 20, 2013, Sure Energy has completed a bought-deal private placement offering of 96.2 million subscription receipts at a price of 26 cents per subscription receipt for total gross proceeds of $25,012,000.The gross proceeds of the Offering will be held in escrow pending satisfaction of certain conditions, including satisfaction of all conditions to the completion of the previously announced plan of arrangement involving Tamarack, 1767001 Alberta Ltd. (a wholly-owned subsidiary of Tamarack), Sure Energy and the shareholders of Sure Energy (the "Arrangement").
Under the Arrangement, each Subscription Receipt shall, without any further action or payment on the part of the holder thereof, automatically be converted into one common share of Sure Energy ("Sure Energy Share") which share shall be subsequently cancelled in consideration for 0.105 of a common share of Tamarack ("Tamarack Share"). Accordingly, upon completion of the Arrangement, holders of Subscription Receipts will ultimately receive Tamarack Shares.
A syndicate of underwriters led by Dundee Capital Markets and including GMP Securities L.P., National Bank Financial Inc., AltaCorp Capital Inc., Paradigm Capital Inc., Peters & Co. Limited, RBC Dominion Securities Inc. and Acumen Capital Finance Partners Limited acted as underwriters under the Offering.
The net proceeds of the Offering will be used to fund 2013 and 2014 capital expenditures and for general corporate and working capital purposes of pro forma Tamarack, post-closing of the Arrangement.
Sure Energy and Tamarack are also pleased to announce that Sure Energy anticipates making an application to the Court of Queen's Bench of Alberta on September 9, 2013 for an interim order in respect of the Arrangement and that the special meeting of holders of Sure Energy Shares to seek approval of the Arrangement will be held on October 9, 2013 at 9:00 am in the Cardium Room at the Calgary Petroleum Club. Sure Energy anticipates mailing the meeting materials, including the Management Information Circular describing, among other things, the Arrangement and the parties thereto, to the holders of Sure Energy Shares on or about September 12, 2013.
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