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Cenovus and Headwater announce increase to previously announced bought deal secondary offering of Headwater common shares
Cenovus and Headwater announce increase to previously announced bought deal secondary off...
About this update from Cenovus Energy Inc.
[{"type":"text","content":"\n \n \n \n Cenovus and Headwater announce increase to previously announced bought deal secondary offering of Headwater common shares\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n CALGARY, AB\n \n ,\n \n Sept. 28, 2021\n \n /CNW/ - Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) (\"Cenovus\" or the \"Selling Shareholder\") and Headwater Exploration Inc. (TSX: HWX) (\"Headwater\" or the \"Company\") announced today that, due to strong demand, they have agreed with the syndicate of underwriters led by Peters & Co. Limited and BMO Capital Markets to increase the size of the bought deal secondary offering (the \"Offering\") announced on\n \n September 27, 2021\n \n . Cenovus, through its wholly owned subsidiary, Cenovus Marten Hills Partnership (the \"Partnership\"), will now sell 45,000,000 common shares of the Company (the \"Common Shares\") at a price of\n \n $4.55\n \n per Common Share (the \"Offering Price\") for total gross proceeds to the Selling Shareholder of\n \n $204,750,000\n \n (the \"Offering\"). The Selling Shareholder has granted the underwriters an option to purchase an additional 5,000,000 Common Shares (approximately 11% of the Common Shares issued under the Offering) at the Offering Price exercisable to cover over-allotments and for market stabilization purposes in whole or in part at any time until 30 days after the closing. The Company will not receive any of the proceeds from the Offering or the over-allotment option, if exercised.\n \n \n Cenovus currently holds, indirectly through the Partnership, 50,000,000 Common Shares, representing approximately 24.7% of the issued and outstanding Common Shares and 15,000,000 purchase warrants exercisable at\n \n $2.00\n \n per Common Share until\n \n December 2, 2023\n \n . Following the closing of the Offering, Cenovus will indirectly hold 5,000,000 Common Shares (no Common Shares assuming full exercise of the over-allotment option), representing approximately 2.5% of the issued and outstanding Common Shares 0.0% assuming full exercise of the over-allotment option) ...