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Saturn Oil & Gas Inc. Closes Brokered and Non-Brokered Private Placement
Calgary, Alberta--(Newsfile Corp. - June 4, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FS...
About this update from Saturn Oil & Gas Inc.
[{"type":"text","content":"Saturn Oil & Gas Inc. Closes Brokered and Non-Brokered Private PlacementCalgary, Alberta--(Newsfile Corp. - June 4, 2021) - Saturn Oil & Gas Inc. (TSXV: SOIL) (FSE: SMK) (\"Saturn\" or the \"Company\") is pleased to announce that, further to the Company's press releases dated May 13, 2021, May 17, 2021 and May 28, 2021, it has closed the brokered and non brokered private placements for total proceeds of $32.8 million.\"With the closing of these financings, Saturn is one step closer to concluding our transformational acquisition of high-quality, light oil assets in Southeast Saskatchewan, which will position our Company as a disciplined, free-cash flow generating engine designed to drive value for shareholders and other stakeholders,\" said John Jeffrey, CEO of Saturn. \"We appreciate the market's confidence in our story, demonstrated by the rapid execution of these financings, which provide Saturn with the financial flexibility to enhance our assets for the foreseeable future.\"Pursuant to the brokered portion of the offering (the \"Brokered Financing\") lead by Echelon Wealth Partners Inc. together with Canaccord Genuity Corp. (collectively, the \"Agents\"), Saturn closed a private placement of 115,000,000 subscription receipts (the \"Subscription Receipts\") at a price of $0.12 per Subscription Receipt (the \"Financing Price\") for aggregate gross proceeds of $13.8 million, including exercise in full of the Agents' 15% over-allotment option.The gross proceeds from the sale of the Subscription Receipts, less 50% of the Agents' fee with respect to such sale, will be held by Computershare Trust Company of Canada, as subscription receipt agent, pending satisfaction of the Escrow Release Condition (as defined below) pursuant to the terms of the subscription receipt agreement entered into upon closing of the Brokered Financing (the \"Subscription Receipt Agreement\"). Each Subscription Receipt will, following completion of the previously announced proposed acquisition (the \"Acquisition\") of certain light oil assets in Southeast Saskatchewan (see the Company's May 13, 2021 press release) and the satisfaction of certain escrow release conditions as further described in the Subscription Receipt Agreement (the \"Escrow Release Conditions\"), entitle the holder to receive, without the payment of additional consideration or taking o...