PHX Energy Services Corp. will offer 5.3 million common shares at CA$5.75 each, for proceeds of about CA$30.5 million, in a bought deal financing, the company said June 9.
Peters & Co. Ltd. is leading a syndicate of underwriters that includes Scotia Capital Inc. and AltaCorp Capital Inc. They were granted an option to purchase 15% more of the shares to cover overallotments for one month after closing.
Some of PHX’s management will buy 350,000 additional shares at the offered price in a private placement, for CA$2 million in additional proceeds.
All the net proceeds will reduce bank debts, which can be redrawn for capex, the company said.
Global drilling services provider PHX Energy Services Corp. is based in Calgary, Alberta.
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