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  • InPlay Oil Corp (IPO) has closed its bought deal public offering of 9,591,000 subscription receipt for gross proceeds of approximately $11.5 million
  • The offering was co-led by Eight Capital and ATB Capital Markets Inc. on behalf of a group of underwriters
  • The subscription receipts are listed and posted for trading on the TSX under the symbol IPO.R
  • InPlay Oil will use the net proceeds from the offering to fund part of the cash portion of the purchase price under the previously proposed acquisition with Prairie Storm Resources Corp. announced in September
  • InPlay Oil Corp is an oil development and production company based in Calgary, Alberta
  • InPlay Oil Corp subscription receipts are down 1.95 per cent and are trading at $1.52 per share at 1:01 p.m. ET
  • InPlay Oil Corp. (IPO) is down 2.94 per cent and is trading at $1.65 per share at 12:51 p.m. ET

InPlay Oil Corp (IPO) has closed its bought deal public offering for gross proceeds of approximately $11.5 million.

The company issued 9,591,000 subscription receipts at a price of $1.20 per receipt.

The offering was co-led by Eight Capital and ATB Capital Markets Inc. on behalf of a group of underwriters.

The underwriters exercised in full the 15 per cent over-allotment option granted to them in combination with today’s closing of the offering.

Each subscription receipt represents the right to receive one common share of InPlay Oil upon satisfaction of the escrow release conditions.

The subscription receipts are listed and posted for trading on the TSX under the symbol IPO.R

Net proceeds from the offering will be used to fund part of the cash portion of the purchase price under the previously proposed acquisition with Prairie Storm Resources Corp. announced in September.

The acquisition was to be funded by a combination of $10 million bought deal equity financing led the underwriters, available borrowing under InPlay Oil’s senior credit facility and the issuance to shareholders of Prairies Storm of approximately 8.3 million common shares of InPlay Oil at a price of $1.20 per share.

InPlay Oil received a commitment letter from its senior lenders regarding an increase in the aggregate available borrowing capacity of its senior credit facility from $65 million to $85 million, subject to the completion of the acquisition.

The closing of the acquisition is expected to happen by November 30 or no later than December 31 of this year.

InPlay Oil Corp is an oil development and production company based in Calgary, Alberta. 

InPlay Oil Corp subscription receipts are down 1.95 per cent and are trading at $1.52 per share at 1:01 p.m. ET.

InPlay Oil Corp. (IPO) is down 2.94 per cent and is trading at $1.65 per share at 12:51 p.m. ET.

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