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CALGARY, May 19 /CNW/ - Cathedral Energy Services Income Trust (TSX: CET.UN) (the "Trust") is pleased to announce that it has closed its previously announced "bought deal" financing (the "Offering"). Pursuant to the Offering, the Trust has issued a total of 3,615,600 trust units (the "Trust Units"), of which 471,600 Trust Units were issued pursuant to the exercise (in full) of the over-allotment option granted to the underwriters. All of the Trust Units were issued at a price of $4.15 per Trust Unit, for gross proceeds of $15,004,740. The syndicate of underwriters was led by Wellington West Capital Markets Inc. and included CIBC World Markets Inc., FirstEnergy Capital Corp., Peters & Co. Limited, Thomas Weisel Partners Canada Inc., Acumen Capital Finance Partners Limited and Cormark Securities Inc.
The Trust is a limited purpose trust which owns the securities of Cathedral Energy Services Ltd. and Cathedral Energy Services Limited Partnership (collectively "Cathedral") representing the right to receive cash flow available for distribution from Cathedral. Cathedral is engaged in the business of providing selected oilfield services to oil and natural gas companies in Western Canada and the Rocky Mountain and Williston Basin regions of the United States and currently provides directional drilling services and related equipment rentals, production testing services and wireline services. For more information, visit www.cathedralenergyservices.com.
Certain statements in this news release including (i) statements that may contain words such as "anticipate", "could", "expect", "seek", "may" "intend", "will", "believe", "should", "project", "forecast", "plan" and similar expressions, including the negatives thereof, (ii) statements that are based on current expectations and estimates about the markets in which the Trust/Cathedral operates and (iii) statements of belief, intentions and expectations about developments, results and events that will or may occur in the future, constitute "forward-looking statements" and are based on certain assumptions and analysis made by the Trust/Cathedral. Forward-looking statements in this news release include, but are not limited to, statements with respect to future capital expenditures, including the amount, nature and timing thereof; oil and natural gas prices and demand; other development trends within the oil and natural gas industry; business strategy; expansion and growth of the Trust's/Cathedral's business and operations and other such matters. Such forward-looking statements are subject to important risks and uncertainties, which are difficult to predict and that may affect the Trust's/Cathedral's operations, including, but are not limited to: the impact of general economic conditions; industry conditions; government and regulatory developments; oil and natural gas product supply and demand; competition; and the Trust's/Cathedral's ability to attract and retain qualified personnel. The Trust's/Cathedral's actual results, performance or achievements could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do transpire or occur, what benefits the Trust/Cathedral will derive therefrom. Subject to applicable law, the Trust disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
All forward-looking statements contained in this document are expressly qualified by this cautionary statement. Further information about the factors affecting forward-looking statements is available in the Trust's current Annual Information Form and Annual Report which have been filed with Canadian provincial securities commissions and are available on www.sedar.com.
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