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Journey Energy Inc. announces exercise of warrants
Journey Energy Inc. announces exercise of warrants Canada NewsWire CALGARY, Marc...
About this update from Journey Energy, Inc.
[{"type":"text","content":"\n\n\n\nJourney Energy Inc. announces exercise of warrants\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\nCanada NewsWire\nCALGARY, March 3, 2017\n\n\n\nCALGARY, March 3, 2017 /CNW/ - Journey Energy Inc. (JOY – TSX) (\"Journey\" or the \"Company\") announces that its strategic financing partner, Alberta Investment Management Corporation (\"AIMCo\"), has exercised the warrants they were issued in the October 2016 private placement.\n\nJourney previously issued 4.95 million share purchase warrants (the \"Warrant(s)\") in connection with the term debt private placement which closed on October 6, 2016.  Each Warrant entitled AIMCo to purchase one common share of Journey at a price per share of $2.75 until October 7, 2018.  AIMCo has today exercised all of their 4.95 million Warrants.\n\nAlex Verge, President of Journey says, \"We are extremely happy that AIMCo has chosen to exercise their warrants prior to their scheduled expiry. We view this as a strong endorsement of Journey's abilities to create value through the use of this capital in a sustainable and profitable way. The confidence AIMCo is demonstrating with this investment in our team and our assets is reflective of the significant progress we made in 2016 in improving our cost structure, strengthening our balance sheet, and reshaping our asset base. This investment will enhance the liquidity of our Company, provide us with the flexibility to expand our capital program, and allow Journey to pursue potential acquisition opportunities.\"\n\nThe proceeds from the Warrant exercise of $13.6 million will initially be used to repay bank debt.\n\nABOUT AIMCo\n\nAIMCo is one of Canada's largest and most diversified institutional investment managers with more than $90 billion of assets under management. AIMCo was established on January 1, 2008 with a mandate to provide superior long-term investment results for its clients. AIMCo operates at arms-length from the Government of Alberta and invests globally on behalf of 31 pension, endowment and government funds in the Province of Alberta. For more informat...