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CALGARY, Alberta , Sept. 07, 2023 (GLOBE NEWSWIRE) -- Peyto Exploration & Development Corp. ("Peyto" or the "Company") is pleased to announce that due to strong demand, it has increased the size of the previously announced public offering of subscription receipts ("Subscription Receipts") to 14,710,000 Subscription Receipts at a price of $11.90 per Subscription Receipt (the “Offering Price”) for gross proceeds of approximately $175 million (the “Equity Offering”). The Company previously entered into an agreement with a syndicate of underwriters (the "Underwriters") led by BMO Capital Markets, CIBC Capital Markets and National Bank Financial. Peyto has also granted the Underwriters an option, exercisable, in whole or in part, at any time up to the earlier of 30 days following the closing of the Equity Offering and the occurrence of certain termination events with respect to the Subscription Receipts, to purchase up to an additional 15% of the number of Subscription Receipts purchased by the Underwriters under the Equity Offering at the Offering Price to cover over-allotments, if any, and for market stabilization purposes (the "Over-Allotment Option"). The gross proceeds from the Equity Offering, less the portion of the underwriters’ fee that is payable on the closing of the Equity Offering, will be held in escrow and are intended to be used by Peyto to fund a portion of the purchase price for the acquisition of Repsol Canada Energy partnership, which holds the Canadian upstream oil and gas business of Repsol Exploracin, S.A.U., including all related midstream facilities and infrastructure located predominantly in the Deep Basin, for cash consideration of US$468 million (CDN$636 million) (the “Acquisition") subject to closing adjustments.
Peyto Announces Increase to Previously Announced Bought (globenewswire.com)