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Saturn Oil & Gas Inc. Announces Closing of $125 Million Bought Deal Offering
Saturn Oil & Gas Inc. Announces Closing of $125 Million Bought Deal Offering Saturn...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"\n \n \n \n Saturn Oil & Gas Inc. Announces Closing of $125 Million Bought Deal Offering\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 Saturn Oil & Gas Inc. Announces Closing of $125 Million Bought Deal Offering\n \n \n Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR INDIRECTLY, IN WHOLE OR IN PART, IN OR INTO\n \n THE UNITED STATES\n \n ./\n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Jan. 31, 2023\n \n \n /CNW/ - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (\"\n \n Saturn\n \n \" or the \"\n \n Company\n \n \") is pleased to announce that, further to the Company's\n \n January 20, 2023\n \n press release, it has closed its previously announced bought deal offering (the \"\n \n Bought Deal\n \n \n Offering\n \n \").  Pursuant to the Bought Deal Offering, the Company issued a total of 59,242,000 subscription receipts (\"\n \n Subscription Receipts\n \n \") at a price of\n \n $2.11\n \n per Subscription Receipt for gross proceeds of\n \n $125,000,620\n \n . The Bought Deal Offering was completed by way of a prospectus supplement to the Company's base shelf prospectus and was underwritten by Echelon Capital Markets (\"\n \n Echelon\n \n \"), as sole bookrunner and co-lead, Canaccord Genuity Corp., as co-lead, and with syndicate underwriters including Eight Capital, Beacon Securities Limited and Paradigm Capital Inc. (collectively, the \"\n \n Underwriters\n \n \"). The Underwriters received a cash commission of 5.0% of the gross proceeds  of the Bought Deal Offering.  As previously indicated, the Company has received more than\n \n $110 million\n \n in strategic equity commitments from GMT Capital Corp., Libra Advisors, LLC, and two other lead institutional investors.\n \n \n \n \n \n \n \n \n \n Each Subscription Receipt represents the right of the holder to receive, upon closing of the Company's previously announced arrangement to acquire Ridgeback Resources Inc. by way of statutory plan of arra...