Vero Energy Inc. (Toronto Venture: VRO) and TORC Oil & Gas Ltd. announce that TORC has closed its previously announced bought-deal private placement in connection with the proposed combination of Vero and TORC to create a new light-oil focused company.
A total of 30,800,000 subscription receipts of TORC have been issued at a price of $2.60 per receipt for gross proceeds of $80,080,000 and 12,910,000 flow-through subscription receipts of TORC have been issued at a price of $3.10 per flow-through receipt for gross proceeds of $40,021,000.
The subscription receipts and flow-through subscription receipts collectively raised gross proceeds of $120,101,000.
The syndicate of underwriters was led by Macquarie Capital Markets Canada Ltd., and included FirstEnergy Capital Corp., TD Securities Inc., Dundee Securities Ltd., GMP Securities L.P., BMO Capital Markets, CIBC, National Bank Financial Inc., Peters & Co. Ltd., RBC Capital Markets, Canaccord Genuity Corp., Cormark Securities Inc. and Raymond James Ltd.
The net proceeds will be used to fund ongoing capital expenditures and for general corporate purposes and the proceeds from the flow-through subscription receipts financing will be used to incur Canadian exploration expenses.
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