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Saturn Oil & Gas Inc. Announces Strategic Acquisition, Debt Consolidation and Bought Public Offering
Saturn Oil & Gas Inc. Announces Strategic Acquisition, Debt Consolidation and Bought ...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"\n \n \n \n Saturn Oil & Gas Inc. Announces Strategic Acquisition, Debt Consolidation and Bought Public 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 Strategic Acquisition, Debt Consolidation and Bought Public 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 CALGARY, AB\n \n ,\n \n Feb. 17, 2022\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 the Company has: (i) entered into an arms-length agreement to acquire certain synergistic oil & gas assets in West-central\n \n Saskatchewan\n \n (the \"\n \n Strategic\n \n \n Acquisition\n \n \") for total consideration of approximately\n \n $8.3 million\n \n (the \"\n \n Transaction\n \n \n Value\n \n \" or \"\n \n TV\n \n \"), (ii) given notice to repay its second-lien senior secured term notes (the \"\n \n Term Notes\n \n \") in the amount of approximately\n \n $32.1 million\n \n , (iii) entered into an amended and restated term loan agreement with its senior secured lender (the \"\n \n Lender\n \n \") of the existing senior secured term loan (the \"\n \n Senior Term Loan\n \n \") by expanding the principal amount by approximately\n \n $38.0 million\n \n (together, the \"\n \n Debt Consolidation\n \n \"), and (iv) has entered into an agreement with Echelon Capital Markets Inc. (the \"\n \n Lead Underwriter\n \n \"), acting as lead underwriter on behalf of a syndicate of underwriters (collectively, the \"\n \n Underwriters\n \n \") pursuant to which the Underwriters have agreed to purchase 2,670,000 units (\"\n \n Units\n \n \") from the Company at a price of\n \n $3.00\n \n per Unit (the \"\n \n Issue Price\n \n \") and offer them to the public by way of short form prospectus for aggregate gross proceeds of\n \n $8,010,000\n \n (the \"...