Altura Energy closes change of management transaction and receipt of proceeds from private placements
On Aug. 30, 2021, Altura Energy Inc. ("Altura") announced that it entered into a definitive reorganization and investment agreement which provided for, among other things: (i) the appointment of a new management team; (ii) the reconstitution of the board of directors of Altura; and (iii) the completion of financing transactions for aggregate gross proceeds of C$29.5 million.
Led by Anthony Marino (President and Chief Executive Officer), Michael Kaluza (Chief Operating Officer) and Bradley Bennett (Chief Financial Officer), and including David Burghardt (SVP Canadian Business Unit), Jonathan Balkwill (VP Business Development), Jennifer Russell-Houston (VP Geoscience) and Travis Stephenson (VP Engineering) the new management team was confirmed with the closing of the transaction on October 8, 2021. Marty Proctor (Chair), Anna Alderson, John Chambers, Mark Rollins and Anthony Marino were confirmed as the new board of directors.
In connection with the transaction, Altura completed a non-brokered private placement of 27,778,000 units (each comprised of one common share and one warrant) at a price of C$0.18 per unit for gross proceeds of C$5 million.
Upon closing of the change of management transaction and non-brokered private placement, Altura issued 136,112,000 common shares pursuant to the 136,112,000 subscription receipts previously issued by the company in connection with its private placement offering of subscription receipts, which closed on September 22, 2021, and the release from escrow of C$24.5 million in gross proceeds.
The brokered private placement was led by National Bank Financial Inc., along with a syndicate of agents, including RBC Capital Markets, Stifel Nicolaus Canada Inc. and ATB Capital Markets Inc.
Net proceeds from both the brokered private placement and the non- brokered private placement will be used for general corporate purposes and to partially fund the acquisition of global oil and gas assets, supporting the proposed new management team's strategy of building a portfolio of free cash flow assets.
Further information can be found on Canada Newswire’s website.
Altura is an energy company focused on the acquisition and sustainable development of international oil and gas assets capable of returning free cash flow to shareholders. In addition, Altura conducts development of a semi-conventional oil project in the Rex member of the Upper Mannville group at Leduc-Woodbend in central Alberta.