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SURGE ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED UPSIZED EQUITY FINANCING
SURGE ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED UPSIZED EQUITY FINANCING ...
About this update from Surge Energy Inc.
[{"type":"text","content":"\n \n \n \n SURGE ENERGY INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED UPSIZED EQUITY FINANCING\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 \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n CALGARY, AB\n \n \n ,\n \n \n Nov. 22, 2022\n \n \n /CNW/ - Surge Energy Inc. (\"Surge\", \"SGY\", or the \"Company\") (TSX: SGY) is pleased to announce the closing of the previously announced upsized, bought-deal equity financing (the \"Financing\") of 7,568,000 common shares of Surge (\"Common Shares\") at a price of\n \n $9.25\n \n per Common Share, for gross proceeds of approximately\n \n $70.0 million\n \n .\n \n \n \n \n \n \n \n \n \n The Company has also granted to the Underwriters an over-allotment option to purchase 1,135,200 additional Common Shares, representing 15% of the size of the Financing. The over-allotment option may be exercised until 30 days following the closing of the Financing.\n \n \n The net proceeds from the Financing are expected to be used to partially fund the previously announced acquisition of core area assets from Enerplus Canada. The Financing was underwritten by a syndicate led by National Bank Financial Inc. and Peters & Co. Limited (together with the syndicate members the \"Underwriters\").\n \n \n FORWARD LOOKING STATEMENTS\n \n \n This press release contains forward-looking statements. The use of any of the words \"anticipate\", \"continue\", \"estimate\", \"expect\", \"may\", \"will\", \"project\", \"should\", \"believe\" and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. More particularly, this press release contains statements concerning management's expectations regarding the anticipated use of the net proceeds from the Offering; the timing of various matters in connection with the Acquisition and the Offering. The forward-looking statements are based on certain key expectations and assumptions made by Surge, i...