Business
Rubellite Energy Inc. Announces Closing of Rubellite Financings; and New Credit Facility; and Provides Operations Update
Rubellite Energy Inc. Announces Closing of Rubellite Financings; and New Credit Facility;...
About this update from Rubellite Energy Corp.
[{"type":"text","content":"\n \n \n \n Rubellite Energy Inc. Announces Closing of Rubellite Financings; and New Credit Facility; and Provides Operations Update\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 Oct. 5, 2021\n \n /CNW/ - (TSX: RBY) – Rubellite Energy Inc. (\"Rubellite\" or the \"Company\"), a pure play\n \n Clearwater\n \n oil exploration and development company, is pleased to announce the closing of its previously announced financings, a new credit facility and provide an operations update.\n \n \n \n Financings\n \n \n \n Rubellite has raised\n \n $83.5 million\n \n in equity, all priced at\n \n $2.00\n \n per share, through a combination of: (i) a\n \n $33.5 million\n \n arrangement warrant financing (the \"Arrangement Warrant Financing\") whereby shareholders of Perpetual Energy Inc. (\"Perpetual\") were issued arrangement warrants (the \"Arrangement Warrants\") which provided them the opportunity to purchase Rubellite common shares (\"Rubellite Shares\") in addition to those Rubellite Shares issued under a reorganization of Perpetual, approved by its shareholders on\n \n August 31, 2021\n \n ; (ii) the issuance of Rubellite Shares on exchange of the subscription receipts previously issued under a\n \n $30 million\n \n brokered private placement to a number of arm's length investors, which funds have been held in escrow since closing\n \n July 13, 2021\n \n (the \"Brokered Private Placement\"); and (iii) the concurrent closing of the maximum\n \n $20 million\n \n raised through the fully subscribed non-brokered private placement (the \"Non-Brokered Private Placement\" and together with the Arrangement Warrant Financing and Brokered Private Placement, the \"Financings\"). The Financings resulted in the issuance of approximately 41.7 million Rubellite Shares.\n \n \n Proceeds from the Financings fully repay\n \n $59.4 million\n \n in promissory notes related to the acquisition of the Company's\n \n Clearwater\n \n assets from Perpetual.\n \n \n In combination with the approximately 2.1 million Rube...