Exploration & Production | Capital Markets | Capital Expenditure
Storm Resources Finances 2015 Capex
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Storm Resources Ltd. has announced that it has entered into an agreement with a syndicate of underwriters led by FirstEnergy Capital Corp. and including GMP Securities Ltd., RBC Capital Markets, Peters & Co. Limited, National Bank Financial Inc. and Raymond James Ltd. to issue, on a bought deal basis, 8,000,000 common shares at a price of $4.55 per Common Share, for aggregate gross proceeds of $36.4 million.
The net proceeds from the offering will be initially used to temporarily reduce indebtedness, partially finance the company's 2015 capital expenditure program and for general corporate purposes. The Common Shares issuable pursuant to the Bought Deal Financing will be offered in all provinces of Canada by way of a short form prospectus.
Closing is expected to occur on or about June 10…
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