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CALGARY, June 1, 2012 /CNW/ - Cequence Energy Ltd. ("Cequence" or the "Company") (TSX:CQE) is pleased to announce that, due to excess demand, it has increased its previously announced bought deal common share short form prospectus offering detailed in its press release issued yesterday afternoon with a syndicate of underwriters led by Peters & Co. Limited and including Cormark Securities Inc., National Bank Financial Inc., Stifel Nicolaus CanadaInc., GMP Securities L.P., Canaccord Genuity Corp. and TD Securities Inc. (collectively, the "Underwriters"), whereby Cequence will now issue an aggregate of 11,683,500 common shares at a price of $1.20 per share, for aggregate gross proceeds from the common share prospectus offering of approximately $14 million. Cequence intends to apply the additional proceeds to reduce its outstanding indebtedness under its credit facility.
Assuming the full exercise of the over-allotment option, Cequence expects to receive aggregate gross proceeds of$37.6 million under the prospectus offering of common shares and flow through shares and the private placement.
In all other respects, the terms of the financings, including the over-allotment option and number of flow-through shares proposed to be issued, will remain as previously disclosed in the earlier press release.