Bonterra Energy (TSX: T.BNE, Stock Forum) Monday said it has entered into an agreement with a syndicate of underwriters on a bought deal basis involving 481,500 common shares of the company at a price of $49.85 per share for total gross proceeds of approximately $24 million.
The net proceeds will be used to increase Bonterra's capital expenditure program to further develop and exploit its Cardium properties, and for general corporate purposes.
Bonterra Energy is a conventional oil and gas company with operations in Alberta, Saskatchewan, and British Columbia.