Pieridae Announces $30 Million Equity Rights Offering with $25 Million Standby Commitment | Pieridae Energy
Summary
The Subscription Price represents a discount of 25% to the 5-day volume weighted average trading price of the Common Shares on the Toronto Stock Exchange (the TSX) prior to the date hereof, the discount applied to meet the requirements of the TSX.Pieridae expects to raise gross proceeds of up to $30 million from the Rights Offering and intends to use the proceeds to repay indebtedness, for working capital and general corporate purposes and to fund certain value-accretive optimization projects. Registered shareholders who wish to exercise their Rights must deliver the DRS Advice, together with the completed Subscription Form and the applicable funds, to Odyssey at or before 3:00 p.m. MDT on the Expiry Date. The Company is a significant upstream producer and midstream custom processor of natural gas, NGLs, condensate, and sulphur from the Canadian Foothills and adjacent areas in Alberta and in northeast British Columbia. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements including, but not limited to, the risks associated with oil and gas exploration, development, exploitation, production, processing, marketing and transportation, loss of markets, volatility of commodity prices, currency fluctuations, imprecision of resources estimates, environmental risks, competition from other producers, incorrect assessment of the value of acquisitions, failure to realize the anticipated benefits of acquisitions, delays resulting from or inability to obtain required regulatory approvals, and ability to access sufficient capital from internal and external sources. Additional information on these and other factors that could affect Pieridaes operations and financial results are included in reports on file with Canadian securities regulatory authorities and may be accessed through the SEDAR+ website (www.sedarplus.ca), and at Pieridaes website (www.pieridaeenergy.com).Although the forward-looking statements contained herein are based upon what management believes to be reasonable assumptions, management cannot assure that actual results will be consistent with these forward-looking statements.