Pieridae Energy Completes Private Placement Of Subscription Receipts For US$18 Million

Published: May 15 2017
Deal Summary

Pieridae Energy Limited, an energy infrastructure development company, completed the private placement of 1,970,600 subscription receipts, at a price of C$12.5 (US$9.11) per subscription receipt, for gross proceeds of C$24.63 million (MM) (US$17.95 MM).

Laurentian Bank Securities, Inc., National Bank Financial Inc. and Desjardins Capital Markets acted 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.

Deal history

Completed: On August 28, 2017, Pieridae Energy completed the private placement of 1,970,600 subscription receipts, at a price of C$12.5 (US$9.11) per receipt, for gross proceeds of C$24.63 MM (US$17.95 MM).

Announced: On May 15, 2017, Pieridae Energy agreed to issue subscription receipts, at a price of C$12.5 (US$9.11) per receipt, for minimum gross proceeds of C$50 MM (US$36.45 MM), in a private placement.

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