NuVista Energy closes equity financing
On October 28, 2016, NuVista Energy Ltd. (NuVista) closed its previously announced public offering of 15,111,000 common shares at a price of C$6.85 per common share to a syndicate of underwriters led by RBC Capital Markets and Peters & Co. Limited, for aggregate gross proceeds of approximately C$103.5 million. The offering included 1,971,000 shares issued as a result of the exercise in full of the underwriters' over-allotment option.
The net proceeds of the offering will initially be used by NuVista to pay down bank indebtedness and then redrawn to accelerate development spending in its 2016-2017 Wapiti Montney capital program.
NuVista is an oil and natural gas company actively engaged in the exploration for, and the development and production of, oil and natural gas reserves in Western Canadian Sedimentary Basin.
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