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Tidewater Midstream and Infrastructure Ltd. Announces Filing of Financial Statements, MD&A and Provides Update
/THIS RELEASE IS INTENDED FOR DISTRIBUTION OUTSIDE THE UNITED STATES ONLY AND IS...
About this update from Tidewater Midstream & Infrastructure Ltd.
[{"type":"text","content":"\n\n\n\n\n\n\n\n/THIS RELEASE IS INTENDED FOR DISTRIBUTION OUTSIDE THE UNITED STATES ONLY AND IS NOT AUTHORIZED FOR DISTRIBUTION WITHIN THE UNITED STATES/\n\n\n\nCALGARY, June 3, 2015 /CNW/ - Tidewater Midstream and Infrastructure Ltd. (\"Tidewater\" or the \"Corporation\") (TSXV: TWM) is pleased to announce that it has filed its interim financial statements and MD&A for the period ended March 31, 2015.  Readers should note that the March 31, 2015 date was prior to the completion of the initial public offering of the Corporation.  \n\nOn June 2, 2015, the Corporation announced a transformative acquisition to acquire a 63% operated working interest in a gas processing facility and related pipelines (the \"Assets\") located in the West Pembina region in central Alberta (the \"Acquisition\") for $180 million. The $180 million is comprised of $170 million in cash and $10 million in Tidewater common shares (each share valued at the price of $1.35).  \n\nThe Acquisition is intended to be financed by a bought deal financing with CIBC World Markets Inc. (\"CIBC\") and Macquarie Capital Markets Canada Ltd. (\"Macquarie\" and together with CIBC, the \"Underwriters\") pursuant to which the Underwriters will purchase for sale 118,519,000 subscription receipts (\"Subscription Receipts\") at an issue price of $1.35 per Subscription Receipt, on a bought deal basis for aggregate gross proceeds of $160,000,650 (the \"Base Offering\"). Additionally, the Corporation has granted a broader syndicate of underwriters co-led by CIBC and Macquarie an option to purchase, on the same terms as the Base Offering, up to an additional 37,038,000 Subscription Receipts for additional aggregate gross proceeds of up to $50,001,300 (the \"Underwriters' Option\" and, together with the Base Offering, the \"Offering\").\n\nEach Subscription Receipt will entitle the holder thereof to receive, without payment of additional consideration, one Tidewater common share upon completion of the Acquisition. The gross proceeds from the sale of the Subscription Receipts will be held by an escrow agent and invested in short term obligations issued or guaranteed by the Government of Canada (or other approved investments) pending satisfactory completion of all conditions to the Acquisition (other than the funding of the purchase price).\n\nReaders are direct...