Equal Energy Ltd. - 2011-05-19
Description
The company has completed the previously announced bought deal financing of common shares for gross proceeds of $50,347,500 (net proceeds approximately $47.8 million). The net proceeds of the financing are expected to be used to finance a portion of the company's acquisition of Petroflow's interests in assets developed pursuant to the now terminated farmout agreement in Oklahoma which was announced on April 26, 2011. The acquisition is expected to close on June 1, 2011.
The issue was sold by a syndicate of underwriters, led by Scotia Capital Inc. and including CIBC World Markets Inc., Wellington West Capital Markets Inc., Desjardins Securities Inc., Jennings Capital Inc. and PI Financial Corp.