Pieridae closes private placement of subscription receipts

On October 11, 2019, Pieridae Energy Limited ("Pieridae") closed the first tranche of its previously announced brokered private placement of company subscription receipts. Pieridae issued 14,970,070 subscription receipts of the company at a price of C$0.86 per subscription receipt for gross proceeds of C$12,874,260.20. Pieridae also closed on the issuance of 711,967 subscription receipts, at a price of C$0.86, on a non-brokered basis, for gross proceeds of approximately C$612,291.62.

The second and last tranche of the offering for gross proceeds of C$20 million closed on October 17, 2019. Haywood Securities Inc. ("Haywood Securities") acted as sole agent with respect to the offering.

Haywood Securities also acted as financial advisor to Pieridae in regard to its acquisition of certain midstream and upstream properties from Shell Canada Energy that also closed on October 17, 2019.

On the closing of the acquisition, each subscription receipt issued under the offering was automatically exchanged for one common share of Pieridae, on a one-to-one basis, without any further action on the part of the subscriber and without payment of additional consideration.

Pieridae used net proceeds of the brokered and the non-brokered offerings towards the acquisition purchase price and for working capital purposes.

Pieridae, a majority Canadian owned corporation based in Calgary, Alberta, is focused on the development of integrated energy-related activities, from the exploration and extraction of natural gas to the development, construction and operation of the Goldboro LNG facility and the production of LNG for sale to Europe and other markets.

Further information can be found on Globe Newswire's website.