Journey Energy Offering to Raise C$198m

Posted by Eric Haun
Friday, June 13, 2014

Canadian exploration and production company Journey Energy Inc said on Friday it plans to raise C$198 million ($182 million) via an initial public offering and secondary offering on the Toronto Stock Exchange.

The offering of 16.5 million shares, which priced at C$12 a share, is being underwritten and led by BMO Nesbitt Burns and CIBC World Markets Inc.

The Calgary, Alberta-based company is selling 14 million shares from its treasury, while its principal shareholder PSP Investments - a large Canadian pension fund manager - is selling 2.5 million shares that it controls. PSP will continue to retain a stake of about 30 percent in the company following the close of the offer.

The company expects to receive net proceeds of about C$157 million from the initial public offering, along with about C$10 million in proceeds from a separate private placement offering.

The company plans to use the proceeds to pay down some of its outstanding debt.

($1 = 1.0857 Canadian Dollars)

(Reporting by Euan Rocha; Editing by Chizu Nomiyama)

Maritime Reporter May 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

Inmarsat 3rd Global Xpress Satellite's Launch Delayed

Inmarsat has provided an initial update on the launch schedule for Inmarsat-5 F3 (I-5 F3) following the failure of the preceding Proton Breeze M launch from

Finance

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

WFP: Aid Cargo for Yemen will be Delivered After Ship Docks

The World Food Programme will deliver a cargo of Iranian aid for Yemen once the ship carrying it reaches Djibouti's port, the U.N agency said on Friday. Earlier

Inmarsat 3rd Global Xpress Satellite's Launch Delayed

Inmarsat has provided an initial update on the launch schedule for Inmarsat-5 F3 (I-5 F3) following the failure of the preceding Proton Breeze M launch from

Energy

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

IMO Adopts Polar Code Environmental Provisions

United Nations' International Maritime Organization (IMO) has adopted the environmental part of the Polar Code. Hereby, internationally binding regulations on

Two Hurt in Petrobras Platform Accident; Output Halted

Brazil's state-led oil company Petrobras was forced to stop output at its P-56 offshore oil production ship on Wednesday in the Marlim Sul field after an explosion

News

SoCal Beach Cleanup Could Take Months

The U.S. Coast Guard captain overseeing cleanup of oil spilled from a pipeline rupture that closed two California state beaches and fouled offshore waters near

Shipping Freight Rates Drop Amidst Overcapacity

Shipping freight rates on the world's busiest route, from Asia to Northern Europe, fell by the largest percentage amount since 2008, reflecting wild volatility

WFP: Aid Cargo for Yemen will be Delivered After Ship Docks

The World Food Programme will deliver a cargo of Iranian aid for Yemen once the ship carrying it reaches Djibouti's port, the U.N agency said on Friday. Earlier

 
 
Maritime Security Naval Architecture Offshore Oil Pipelines Pod Propulsion Ship Electronics Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.2031 sec (5 req/sec)