Journey Energy Inc. Announces Upsizing of Previously Announced "Bought Deal" Public Offering of Flow-Through Common Shares

About this update from Journey Energy, Inc.

[{"type":"text","content":"\n \n \n \n Journey Energy Inc. Announces Upsizing of Previously Announced \"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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n March 1, 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 that, as a result of excess demand, it has agreed with the  syndicate of underwriters, led by Stifel FirstEnergy (collectively, the \"Underwriters\"), to increase the size of its previously announced \"bought deal\" public offering of \"flow-through shares\" with respect to \"Canadian development expenses\" within the meaning of the\n \n Income Tax Act\n \n (\n \n Canada\n \n ) and the regulations thereunder in force as of the date hereof (the \"Tax Act\"). Journey will now issue 2,643,505 common shares (the \"Flow-Through Shares\") at a price (the \"Offering Price\") of\n \n $6.62\n \n per Flow-Through Share, for total gross proceeds to the Company of approximately\n \n $17.5 million\n \n (the \"Offering\").\n \n \n Journey has granted to the Underwriters an option to purchase additional Flow-Through Shares, equal to 15% of the number of Flow-Through Shares sold pursuant to the Offering at the Offering Price, for market stabilization purposes and to cover over-allotments for a period expiring\n \n March 31, 2023\n \n .\n \n \n In all other respects, the terms of the Offering and use of proceeds will remain as previously disclosed in the\n \n March 1, 2023\n \n press release.\n \n \n \n About the Company\n \n \n \n Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western\n \n Canada\n \n . Journey's strategy is to grow its production base by drilling on its existing core lands, implementing water flood projects, and executing on accretive acquisitions. Jo...

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