Storm Resources (SRX-V) May 19, '15 is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. and including GMP Securities Ltd., RBC Capital Markets, Peters & Co. Limited, National Bank Financial Inc. and Raymond James Ltd. (collectively, the "Underwriters") to issue, on a bought deal basis, 8,000,000 common shares ("Common Shares") at a price of $4.55 per Common Share, for aggregate gross proceeds of $36.4 million (the "Bought Deal Financing").
The net proceeds from the offering will be initially used to temporarily reduce indebtedness, partially finance the company's 2015 capital expenditure program and for general corporate purposes. The Common Shares issuable pursuant to the Bought Deal Financing will be offered in all provinces of Canada by way of a short form prospectus.
Closing is expected to occur on or about June 10, 2015 and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the TSX Venture Exchange.
The Common Shares have not been and will not be registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or applicable exemption from the registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy nor will there be any sale of Common Shares in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such province, state or jurisdiction.
Storm Resources Ltd.
Brian Lavergne
President and CEO
403-817-6145
Storm Resources Ltd.
Donald G. McLean
CFO
403-817-6145
Storm Resources Ltd.
Carol Knudsen
Manager, Corporate Affairs
403-817-6145
www.stormresourcesltd.com |
