NuVista Energy (NVA-T) top pick from Rob Lauzon on BNN.ca Market Call Wednesday April 8th @ 1300ET
Nuvista is a liquids rich (condensate) gas producer in the Deep basin. Very prudent management, is well hedged for 2015, did a financing last night at $7.85 (which we participated in). Upside with both higher oil and gas prices over next 12 months.
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NuVista Energy (NVA-T) April 8, '15 is pleased to announce that in connection with its previously announced bought deal offering of common shares ("Common Shares") and placement of common shares, issued on a "flow-through basis" in respect of Canadian development expense ("Flow-Through Common Shares"), the Company and the syndicate of underwriters led by RBC Capital Markets and Peters & Co. Limited, have agreed to increase the size of the offering to an aggregate of 2,313,000 Flow-Through Common Shares at a price of $8.65 per Flow-Through Common Share. The size of the previously announced offering of Common Shares at a price of $7.85 per Common Share remains unchanged at 11,465,000 Common Shares. Aggregate gross proceeds of the offering will now be approximately $110 million.
The net proceeds of the offering and previously announced concurrent private placement of Flow-Through Common Shares by the Company, which remains unchanged, (collectively the "Offerings") will be used by NuVista to pay down bank indebtedness, partially fund its remaining 2015 Wapiti Montney capital program, and for general corporate purposes, with the Flow-Through Common Share proceeds used to incur eligible Canadian development expenses.
The Offerings are scheduled to close on or about April 29, 2015 and are subject to customary regulatory approvals including the approval of the Toronto Stock Exchange. Following the closing of the Offering NuVista will have approximately 153 million common shares outstanding.
NuVista Energy Ltd.
Jonathan A. Wright
President and CEO
(403) 538-8501
NuVista Energy Ltd.
Ross L. Andreachuk
VP, Finance and CFO
(403) 538-8539 |
