Business
Stampede Drilling Announces Closing of Previously Announced Rig Acquisition, Closing of $26.6 Million Equity Financing, and Provides a Market Update
Stampede Drilling Announces Closing of Previously Announced Rig Acquisition, Closing of $...
About this update from Stampede Drilling Inc.
[{"type":"text","content":"\n \n \n \n Stampede Drilling Announces Closing of Previously Announced Rig Acquisition, Closing of $26.6 Million Equity Financing, and Provides a Market Update\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 \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n /\n \n \n \n \n CALGARY, AB\n \n ,\n \n Aug. 23, 2022\n \n /CNW/ - STAMPEDE DRILLING INC. (TSXV: SDI) (\"\n \n Stampede\n \n \", or the \"\n \n Corporation\n \n \") is pleased to announce it has closed its acquisition of six drilling rigs and related assets (the \"\n \n Acquisition\n \n \") and its public offering of common shares (the \"\n \n Offered Shares\n \n \") for aggregate gross proceeds of approximately\n \n $26.6 million\n \n (the \"\n \n Offering\n \n \").\n \n \n Pursuant to the Offering, Stampede issued 83,202,000 Offered Shares, including 5,077,000 Offered Shares issued pursuant to the exercise of the over-allotment option granted to the Agents (defined below). The Offering was conducted by a syndicate of agents led by Peters & Co. Limited (the \"\n \n Lead Agent\n \n \"), and included Acumen Capital Finance Partners Limited, Lightyear Capital Inc. and Stifel FirstEnergy (collectively with the Lead Agent, the \"\n \n Agents\n \n \").\n \n \n The Corporation has directed approximately\n \n $21.5 million\n \n of the proceeds of the Offering towards the purchase price of the Acquisition with the residual amount of proceeds expected to be used to partially fund capital upgrades on the purchased assets and other capital expenditures as determined by the Corporation.\n \n \n Additionally, on\n \n August 9\n \n , Stampede entered into an amending agreement with HSBC Bank of\n \n Canada\n \n , which increased the total aggregate credit capacity available under its credit facility (the \"\n \n Credit Facility\n \n \") and term loan facility (the \"\n \n Term Loan Facility\n \n \") to a maximum of\n \n $32.5 million\n \n effective upon closing of the Offering and the Acquisition. Additional ...