Bonavista Energy closes bought deal financing
On July 10, 2014, Bonavista Energy Corporation (Bonavista) completed its previously announced bought deal financing for gross proceeds of approximately $201 million.
Pursuant to the offering, announced June 18, 2014, the underwriters led by CIBC and including RBC Capital Markets, Scotiabank, TD Securities Inc., BMO Capital Markets, National Bank Financial Inc., Peters & Co. Limited, AltaCorp Capital Inc., and FirstEnergy Capital Corp., issued 12,100,000 common shares at a price of C$16.60 per common share.
A portion of the proceeds from the offering were used to fund Bonavista's acquisition of certain natural gas weighted assets in the Ansell area of its Deep Basin Core Area, which was completed on July 7, 2014. The remainder of the proceeds have been used to reduce bank indebtedness and will be used to enhance development on the Ansell area assets.
Bonavista is an intermediate, dividend paying Canadian oil and natural gas producer head quartered in Calgary, Alberta.
Further information can be found on Bonavista's website.