October 1, 2014
WHITECAP RESOURCES INC. ANNOUNCES CLOSING OF PREVIOUSLY ANNOUNCED ACQUISITION OF A CONTROLLING INTEREST IN A PREMIER SWEET LIGHT OIL POOL
CALGARY, ALBERTA – Whitecap Resources Inc. (“Whitecap” or the “Company”) (TSX: WCP) is pleased to announce that it has successfully completed its previously announced acquisitions to consolidate a controlling interest in a premier conventional Nisku light sweet oil pool at Elnora, Alberta located just 50 miles east of its Garrington core area (the “Acquisition”). The aggregate purchase price of the Acquisition was $266.7 million, which is net of customary closing adjustments.
The Acquisition was partially funded through a bought deal public financing (the "Offering") through a syndicate of underwriters led by National Bank Financial Inc. and including GMP Securities L.P., TD Securities Inc., CIBC World Markets, RBC Capital Markets, Scotia Capital Inc., FirstEnergy Capital Corp., Macquarie Capital Markets Canada Ltd., Peters & Co. Limited, BMO Capital Markets, Cormark Securities Inc. and Dundee Securities Ltd. (collectively, the “Underwriters”) which closed on September 11, 2014. Pursuant to the Offering, Whitecap issued 7,553,000 subscription receipts at a price of $16.55 per subscription receipt for gross proceeds of approximately $125 million. In accordance with their terms, each Subscription Receipt was exchanged for one Common Share on October 1, 2014 upon the closing of the Acquisition and the proceeds from the sale of the subscription receipts were released from escrow. Holders of subscription receipts are not required to take any action in order to receive the common shares and dividends to which they are entitled. Holders of the subscription receipts shall receive an amount equal to the dividend declared on our common shares of $0.0625 per subscription receipt, this amount will be paid on October 15, 2014 to the holders of subscription receipts of record on September 30, 2014.
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