Pieridae Energy Announces Private Placement Of Subscription Receipts For US$36.5 Million

Published: May 15 2017
Deal Summary

Pieridae Energy Limited, an energy infrastructure development company, agreed to issue subscription receipts, at a price of C$12.5 (US$9.11) per subscription receipt, for minimum gross proceeds of C$50 million (MM) (US$36.45 MM), in a private placement.

The company intends to pay the agents a cash commission equal to 5% of the gross proceeds of the placement.

Laurentian Bank Securities, Inc., National Bank Financial Inc. and Desjardins Capital Markets are acting as placement agents to the company for the placement.

The company intends to use the proceeds from the placement to fund certain activities to allow Amalco to reach the final investment decision with respect to the Goldboro LNG Project, for Amalco's operations and for general working capital purposes.

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