Whitecap Resources Inc. completed the acquisition of Beaumont Energy Inc. pursuant to a plan of arrangement under the Business Corporations Act (Alberta) provisions, the company said May 1.
Whitecap acquired all issued and outstanding Beaumont common shares for about CA$7.3 million in cash and 36.3 million Whitecap common shares. Whitecap also assumed Beaumont's debt.
The cash portion and the assumption of Beaumont's debt were partially funded through a public bought deal financing through a syndicate of underwriters, Whitecap said.
GMP Securities LP, TD Securities Inc., CIBC World Markets Inc., Peters & Co. Ltd., RBC Dominion Securities Inc., Scotia Capital Inc., FirstEnergy Capital Corp., Macquarie Capital Markets Canada Ltd., BMO Nesbitt Burns Inc. and Dundee Securities Ltd. were led by National Bank Financial Inc.
This financing closed April 9. Whitecap issued about 8.1 million subscription receipts at $13.50 each for about $110 million in gross proceeds.
Each subscription receipt was exchanged for one Whitecap share when the acquisition closed, and sale proceeds were released from escrow. Subscription receipt holders will receive an amount equal to the dividend on the Whitecap shares.
Whitecap Resources Inc. is based in Calgary, Alberta, and produces oil and natural gas in western Canada.
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