Savanna announces bought deal financing

On November 22, 2016, Savanna Energy Services Corp. ("Savanna") announced that it entered into an agreement for an C$18,850,000 bought deal financing through a syndicate of underwriters led by Peters & Co. Limited. Pursuant to the terms of the agreement, the underwriters agreed to purchase, on a bought deal basis, 13,000,000 common shares at a price of C$1.45 per share for aggregate gross proceeds of C$18,850,000. Savanna has also granted the underwriters an option to purchase up to an additional 1,950,000 shares to cover over-allotments, if any, exercisable in whole or in part at any time until 30 days after the date of closing of the offering.

The offering is expected to close on or about December 15, 2016, subject to certain conditions, including the receipt of all necessary regulatory approvals and the concurrent closing of a strategic financing arrangement with AIMCo.

The net proceeds of both the bought deal and AIMCo financings are expected to be used by Savanna to reduce indebtedness and for general corporate purposes.

Savanna is a leading contract drilling and oilfield services company operating in North America and Australia providing a broad range of drilling, well servicing and related services with a focus on fit for purpose technologies and industry-leading Aboriginal relationships.

Further information can be found on Marketwired's website.