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Saturn Oil & Gas Inc. Announces Upsize to Bought Public Offering
Saturn Oil & Gas Inc. Announces Upsize to Bought Public Offering Saturn Oil...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"\n \n \n \n Saturn Oil & Gas Inc. Announces Upsize to 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 Upsize to 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. 18, 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 it has amended the terms of its previously announced offering of Units (as defined below). Under the amended terms of the Bought Public Offering (as defined below), a syndicate of underwriters led by Echelon Capital Markets (the \"\n \n Underwriters\n \n \") have agreed to purchase 5,340,000 Units (the \"\n \n Units\n \n \") from the treasury of 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 total gross proceeds of\n \n $16,020,000\n \n (the \"\n \n Bought Public Offering\n \n \").\n \n \n \n \n \n \n \n \n \n Each Unit will consist of one common share (a \"\n \n Share\n \n \") and one common share purchase warrant of the Company (a \"\n \n Warrant\n \n \"). Each Warrant will be exercisable to acquire one Share for 36 months following the closing date, at an exercise price of\n \n $4.00\n \n , subject to adjustment in certain events. The Company will make reasonable efforts to list the Warrants.\n \n \n The Company has also granted the Underwriters an over-allotment option to purchase up to an additional 801,000 Units at the Issue Price, exercisable in whole or in part at any time up to 30 days following the closing date of the Bought Public Offering.\n \n \n The Company intends to use the net proceeds of the Bought Public Offering to expand capital expenditures, fund a portion of the consideration for the p...