Marine Link
Wednesday, October 26, 2016

Journey Energy Offering to Raise C$198m

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 Magazine Cover Oct 2016 - Marine Design Annual

Maritime Reporter and Engineering News’ first edition was published in New York City in 1883 and became our flagship publication in 1939. It is the world’s largest audited circulation magazine serving the global maritime industry, delivering more insightful editorial and news to more industry decision makers than any other source.

Maritime Reporter E-News subscription

Maritime Reporter E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

Subscribe for Maritime Reporter E-News