Contact Exploration closes equity financing
On November 7, 2014, Contact Exploration Inc. (Contact) closed its previously announced brokered, bought deal private placement equity financing. Pursuant to the agreement, the underwriters offered 62,215,000 common shares in Contact (including 8,115,000 common shares issued pursuant to the over-allotment option), at a price of C$0.37 per share, for gross proceeds of C$23,019,550.
Canaccord Genuity Corp. led a syndicate of underwriters, which included AltaCorp Capital Inc., Beacon Securities Limited, RBC Dominion Securities Inc., Jennings Capital Inc., Dundee Securities Ltd. and Industrial Alliance Securities Inc.
The net proceeds from the private placement will be used to fund ongoing development and exploration at the East Kakwa Montney Project area in the Deep Basin in Alberta.
Contact Exploration is a public oil and gas company which has a long-term history of operating in Atlantic Canada and has recently demonstrated success in Alberta's liquids-rich Montney Formation tight gas play.
Further information can be found on Contact's website.