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Saturn Oil & Gas Inc. Announces Closing of $75 million Bought Deal Offering (Including Full Exercise of Over-Allotment Option) and Proposed $3 million Non-Brokered Offering
Calgary, Alberta--(Newsfile Corp. - June 8, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FS...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Announces Closing of $75 million Bought Deal Offering (Including Full Exercise of Over-Allotment Option) and Proposed $3 million Non-Brokered OfferingCalgary, Alberta--(Newsfile Corp. - June 8, 2022) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMKA) (\"Saturn\" or the \"Company\") is pleased to announce that, further to the Company's May 31, 2022 press release, it has closed its previously announced bought deal offering of subscription receipts, including full exercise of the over-allotment option (the \"Bought Deal Offering\"). Pursuant to the Bought Deal Offering, the Company issued a total of 27,181,860 subscription receipts (\"Subscription Receipts\") at a price of $2.75 per Subscription Receipt for gross proceeds of $74,750,115 (including full exercise of the Underwriters' over-allotment option).Each Subscription Receipt represents the right of the holder to receive, immediately prior to closing of the previously announced Viking Acquisition (expected to close on or about July 6, 2022), without payment of additional consideration, one unit of the Company (each, a \"Unit\"). Each Unit will consist of one common share of the Company (a \"Share\") and one half of one common share purchase warrant of the Company (each whole warrant, a \"Warrant\"). Each Warrant will be exercisable to acquire one Share for 12 months and a day following the date of issue at an exercise price of $3.20, subject to adjustment in certain events.If the Viking Acquisition is not completed by October 6, 2022 (being 120 days from the closing date of the Bought Deal Offering) or if the Viking Acquisition is terminated at an earlier time, the gross proceeds of the Bought Deal Offering and pro rata entitlement to interest earned or deemed to be earned on the gross proceeds of the Bought Deal Offering, net of any applicable withholding taxes, will be paid to holders of the Subscription Receipts and the Subscription Receipts will be cancelled.The Company will direct the proceeds of the Bought Deal Offering towards the Viking Acquisition as well as drilling and completions work, working capital, and general corporate purposes, as further described in the Company's prospectus supplement dated June 2, 2022 to the Company's final base shelf prospectus dated May 19, 2022 (collectively, the \"Prospectus\").The Bought Deal Offering was compl...