Source: Surge Energy Inc.
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  • Surge Energy (SGY) has closed a bought-deal equity financing for gross proceeds of approximately $70.0 million
  • The company issued 7,568,000 common shares at $9.25 per share
  • The net proceeds will be used to partially fund the acquisition of assets from Enerplus Canada
  • Surge Energy is engaged in the exploration, development, and production of oil and gas from properties in western Canada
  • Surge Energy Inc. (SGY) is up 2.33 per cent on the day, trading at C$9.21 per share at 12 pm ET

Surge Energy (SGY) has closed its previously announced upsized, bought-deal equity financing for gross proceeds of approximately $70.0 million.

The company issued 7,568,000 common shares at $9.25 per share.

The Company has also granted to the underwriters an over-allotment option to purchase 1,135,200 additional common shares, representing 15 per cent of the offering. The over-allotment option may be exercised until 30 days following the closing of the financing.

The net proceeds will be used to partially fund the acquisition of assets from Enerplus Canada.

Surge Energy is engaged in the exploration, development, and production of oil and gas from properties in western Canada. The company generates its revenue from the sale of petroleum and natural gas products.

Surge Energy Inc. (SGY) is up 2.33 per cent on the day, trading at C$9.21 per share at 12 pm ET.


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