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Journey Energy Inc. Announces Closing of Bought Deal Public Offering of Flow-Through Common Shares
Journey Energy Inc. Announces Closing of Bought Deal Public Offering of Flow-Through Common Share...
About this update from Journey Energy, Inc.
[{"type":"text","content":"\n \n \n \n Journey Energy Inc. Announces Closing of Bought Deal Public Offering of Flow-Through 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 \n CALGARY, AB\n \n \n ,\n \n \n March 23, 2023\n \n \n /CNW/ - Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (\"\n \n Journey\n \n \" or the \"\n \n Company\n \n \") is pleased to announce it has closed the bought deal flow-through share financing that was previously announced on\n \n March 1\n \n , 2023.  The full 15% over-allotment was exercised bringing the total equity issuance to 3,040,031 flow-through common shares (the \"\n \n Flow Through Shares\n \n \") at a price of\n \n $6.62\n \n per share for total gross proceeds of\n \n $20,125,005\n \n .  The financing was successfully concluded by Journey's syndicate of underwriters, which included StifelFirst Energy, as lead underwriter and sole book-runner, and also included Cormark Securities Inc., Acumen Capital Finance Partners Limited, Eight Capital and Peters & Co. Limited.\n \n \n Pursuant to the financing, the Company will incur qualifying Canadian development expenses (\"\n \n CDE\n \n \"), on or before\n \n March 31, 2024\n \n , in an amount not less than the gross proceeds raised from the issuance of the Flow–Through Shares (the \"\n \n Total Commitment Amount\n \n \").  CDE in an amount equal to\n \n $10,000,000\n \n (the \"\n \n 2023 Commitment Amount\n \n \") will be renounced to purchasers of Flow–Through Shares with an effective date no later than\n \n December 31\n \n , 2023.  CDE in an amount  equal to the Total Commitment Amount minus the 2023 Commitment Amount will be renounced to purchasers of Flow–Through Shares hereunder with an effective date or dates of no later than\n \n March 31\n \n , 2024.  It is currently expected that the proceeds from the FTS issuance will occur throughout the second half of 2023 and the first quarter of 2024.  Journey is currently in the process of refining its capital budget for the remainder of 2023 and i...