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UTS Energy Corp

Wednesday, October 31st, 2007

UTS Energy Corporation is pleased to announce that it has entered into an agreement with a syndicate of underwriters, with RBC Capital Markets as sole bookrunner and FirstEnergy Capital Corp., TD Securities Inc., and UBS Securities (Canada) Inc., as co-lead managers for the purchase by the underwriters on a bought deal basis, subject to regulatory approval, of 41.8 million common shares at a price of $6.10 per share and 2.65 million common shares issued on a flow-through basis at a price of $7.60 per share, for total gross proceeds of approximately $275 million. UTS has granted the underwriters an Over-allotment Option, exercisable in whole or in part up to 30 days following closing, to purchase up to an additional 6.67 million common shares at the same offering price. If the Over-allotment Option is fully exercised, the total gross proceeds of the equity financing will be approximately $316 million.
The offering is scheduled to close on November 19, 2007, and is subject to regulatory approval and completion of definitive documentation. The Company intends to use the net offering proceeds for operational, development and exploration expenses related to its oil sands assets and for general corporate purposes.

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