Connacher Oil and Gas Ltd. has priced its previously announced public offering of common shares. Pursuant to the offering, the corporation will issue 166.75 million common shares at a price of 90 cents per common share.
The offering will be conducted through a syndicate of underwriters with RBC Capital Markets as sole bookrunner and co-lead manager, together with Credit Suisse Securities (Canada), Inc. and TD Securities Inc. as the other co-lead managers, and Scotia Capital Inc., GMP Securities L.P., HSBC Securities (Canada) Inc., Macquarie Capital Markets Canada Ltd. and Raymond James Ltd.
Pursuant to the terms of the offering, the corporation has agreed to grant the underwriters an overallotment option to purchase up to an additional 25,012,500 common shares, equal to up to 15 per cent of the common shares sold pursuant to the offering, exercisable at any time, in whole or in part, up to 30 days from the closing of the offering. If the overallotment option is exercised in full, a total of 191,762,500 common shares will be sold under the offering for total gross proceeds of the offering of approximately $172,586,250. Upon closing of the offering, and not including common shares issuable pursuant to the overallotment option, the corporation will have 378,450,942 common shares (418,892,957 common shares on a fully diluted basis) issued and outstanding.
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