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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Tideland Signal Acquires Julius Signal

Tideland Signal Corporation, now part of Xylem, has entered into a definitive agreement to acquire certain assets of Julius Signal, extending the company’s portfolio

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

Seaspan Responds to Canada’s NSS Announcement

In response to the Government of Canada’s announcement of a series of enhancements to strengthen the National Shipbuilding Strategy, Seaspan Shipyards’ president

Finance

North P&I Club Repots Positive Financial Performance

North P&I Club reports that an exceptionally low year for claims has helped it increase its free reserves by $90 million to $428 million and deliver a combined ratio of 73.

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

WSS: Post-combustion Fuel Treatment Cuts Vessel Costs, Risk

Wilhelmsen Ships Service, a provider of products and services to the shipping industry, is advising vessel operators to wage war on soot. According to WSS, soot

Energy

DONG Energy Listing to Value Group at up to $16 Bln

DONG Energy's has set a potential $16 billion price tag on its stock market debut, giving investors a chance to buy into the growth in offshore wind power, but

Seacat Services Secures Burbo Bank Charter Deal

DONG Energy has awarded  offshore energy support vessel operator Seacat Services with the supply contract for all crew transfer services at its 258MW Burbo Bank

EGAS: Egypt to tender for 10 LNG Cargoes

Egypt will tender next week to import 10 cargoes of liquefied natural gas (LNG) for delivery in July and August, an official from the state gas company, EGAS, said on Thursday.

News

Bay Shipbuilding Delivers ATB to Moran

Fincantieri Marine Group’s Fincantieri Bay Shipbuilding (FBS) has delivered the Articulated Tug Barge unit (ATB) Barbara Carol Ann Moran and the 110,000-barrel

Conrad Shipyard Christens Woods Hole Ferry

M/V Woods Hole, a 235-foot long passenger ferry built for the Steamship Authority of Woods Hole, Mass., was christened on May 20 at Conrad Aluminum in Amelia, La.

Ferry Crew-member Missing off Pembroke Coast

HM Coastguard is coordinating the search for a missing crew-member from a ferry, who it is believed may have gone overboard off the Pembroke coast.   The Coastguard

 
 
Maritime Careers / Shipboard Positions Maritime Security Navigation Offshore Oil Pod Propulsion Port Authority Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1224 sec (8 req/sec)