Parex Resources (PXT-T) May 5, '15 has closed its previously announced bought deal financing. A total of 14,950,000 common shares ("Common Shares") of Parex have been issued at a price CAD$9.15 per share for gross proceeds of CAD$136,792,500, which included the exercise in full of the over-allotment option granted to the underwriters. Parex currently has approximately 149.8 million Common Shares outstanding.
The syndicate of underwriters was co-led by Scotiabank and FirstEnergy Capital Corp. and included RBC Dominion Securities Inc., Paradigm Capital Inc., Haywood Securities Inc., CIBC World Markets Inc., Dundee Securities Ltd., Peters & Co. Limited, TD Securities Inc., GMP Securities L.P., Canaccord Genuity Corp. and Edgecrest Capital Corp.
The net proceeds from the financing will initially be used to pay down bank indebtedness, increase net working capital and subsequently is expected to be used to fund capital expenditures and future growth opportunities.
This press release is not an offer of the Common Shares for sale in the United States. The Common Shares may not be offered or sold in the United States absent registration under the United States Securities Act of 1933, as amended or an exemption from such registration. Parex has not registered and will not register the Common Shares under the United States Securities Act of 1933 as amended. Parex does not intend to engage in a public offering of the Common Shares in the United States. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Mike Kruchten
Vice President, Investor Relations
Parex Resources Inc.
Phone: (403) 517-1733
investor.relations@parexresources.com |
