Surge Energy Inc (Alberta) T.SGY

Bought deal financing at $9.25

[ACESover]

Maybe this is the reason Surge not holding on to big gains earlier today with a huge spike in WTI.

In conjunction with the acquisition, Surge has entered into an agreement with a syndicate of underwriters led by National Bank Financial Inc. and Peters & Co. Ltd., pursuant to which the underwriters have agreed to purchase, for resale to the public, on a bought deal basis, approximately 4,325,000 common shares of Surge at a price of $9.25 per common share for gross proceeds of approximately $40-million. The net proceeds from the offering will be used to partially finance the acquisition. The underwriters will have an option to purchase up to an additional 15 per cent of the common shares issued under the offering on the same terms as the offering to cover overallotments exercisable in whole or in part at any time until 30 days after the closing.

ACE$

[pennydredful]

Also   Enerplus   got   some    SGY    take back    shares   that they  will  likely   sell   when  they  can as  they   are  focused   on    saying good riddance to   Trudeau   and   Freeland  as  they cease