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

Finance

Royal Caribbean Cuts Profit Forecast

Royal Caribbean Cruises Ltd cut its adjusted profit forecast for the year, citing a jump in fuel prices since its January forecast and a strong dollar.   Shares

Baltic Index Up Slightly on Higher Rates for Large Vessels

The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry bulk commodities, rose slightly on Monday due to firmer rates for the large vessel segments.

ExxonMobil President Seeks Swift Action on US LNG Exports

The United States is at risk of losing economic opportunity and the ability to solidify its role as a global leader in energy production unless the government moves

News

SAAM SMIT Towage Brazil Signs on with Helm

Helm Operations has signed on Brazilian harbor services company SAAM SMIT Towage to its Helm Marine Operations software to manage its billing and dispatch.    SAAM

Siemens Wins Vessel Electrical Installation Contract

Nautilus Minerals Inc. announces that the order for the supply of the entire electrical installation for the production support vessel has been awarded to Siemens International Trading (Shanghai) Ltd.

Delivery Begins for HMS Prince of Wales Bridge

The bridge section of the U.K.’s second Queen Elizabeth Class aircraft carrier has been loaded out of its dock hall in Glasgow ahead of its first sea voyage to Rosyth.

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Ship Repair
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: 0.1637 sec (6 req/sec)