Bellatrix Exploration Ltd. announces $175 million bought deal financing
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN
TSX, NYSE MKT: BXE
CALGARY, Oct. 15, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix"
or the "Company") (TSX, NYSE MKT: BXE) is pleased to announce that it
has entered into an agreement with Canaccord Genuity Corp., as global bookrunner, co-bookrunner and co-lead underwriter, along with
Dundee Securities Ltd., as co-bookrunner and co-lead underwriter, on
behalf of a syndicate of underwriters (collectively, the
"Underwriters") to issue, on a bought deal basis, 21,875,000 common shares ("Common Shares") at a price of $8.00 per Common Share for
aggregate gross proceeds of approximately $175 million.
Bellatrix has also granted the Underwriters an option (the
"Over-Allotment Option") to purchase up to an additional 3,281,250 Common Shares to cover over-allotments, if any, for additional gross
proceeds of up to approximately $26.25 million. The Over-Allotment
Option is exercisable in whole or in part at any time up to the date
that is 30 days from the closing.
The Common Shares will be offered in each of the provinces of Canada
other than Quebec by way of a short form prospectus, in the United
States on a private placement basis to institutional accredited
investors pursuant an exemption from the registration requirements of
the United States Securities Act of 1933, as amended.
Proceeds of the offering will be utilized to fund the acquisition by
Bellatrix of Angle Energy Inc., fund a portion of the Corporation's
obligations under the $240 million Joint Venture with Troika Resources
Private Equity Fund and for general corporate purposes.
Closing is expected to occur on or about November 5, 2013 and is subject
to certain conditions including, but not limited to, the receipt of all
necessary approvals including the approval of the Toronto Stock
Exchange and the NYSE MKT stock exchange.
The closing of the offering is not conditional on the closing of the
acquisition or the joint venture. If either or both of the acquisition
or joint venture do not close, the proceeds are expected to be used to
temporarily repay indebtedness, then to fund Bellatrix's capital
expenditure program and for general corporate purposes.
The securities offered have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or an available exemption
from the registration requirements thereof. This press release shall
not constitute an offer to sell or the solicitation of an offer to buy
nor shall there be any sale of the securities in any jurisdiction in
which such offer, solicitation or sale would be unlawful.
This press release contains forward looking statements. More
particularly, this press release contains statements concerning the
anticipated closing date of the offering and the anticipated use of the
net proceeds of the offering. Although Bellatrix believes that the
expectations reflected in these forward looking statements are
reasonable, undue reliance should not be placed on them because
Bellatrix can give no assurance that they will prove to be correct.
Since forward looking statements address future events and conditions,
by their very nature they involve inherent risks and uncertainties.
The closing of the offering could be delayed if Bellatrix is not able
to obtain the necessary regulatory and stock exchange approvals on the
timelines it has planned. The offering will not be completed at all if
these approvals are not obtained or some other condition to the closing
is not satisfied. Accordingly, there is a risk that the offering will
not be completed within the anticipated time or at all. The intended
use of the net proceeds of the offering by Bellatrix might change if
the board of directors of Bellatrix determines that it would be in the
best interests of Bellatrix to deploy the proceeds for some other
purpose. The forward looking statements contained in this press release
are made as of the date hereof and Bellatrix undertakes no obligations
to update publicly or revise any forward looking statements or
information, whether as a result of new information, future events or
otherwise, unless so required by applicable securities laws.
SOURCE Bellatrix Exploration Ltd.
Raymond G. Smith, P.Eng., President and CEO (403) 750-2420
Edward J. Brown, CA Executive Vice President, Finance and CFO (403) 750-2655
Brent A. Eshleman, P.Eng., Executive Vice President (403) 750-5566
Troy Winsor, Investor Relations (800) 663-8072
Bellatrix Exploration Ltd.
Suite No. 1920, 800 - 5th Avenue SW
Calgary, Alberta, Canada T2P 3T6
Phone: (403) 266-8670
Fax: (403) 264-8163
Copyright CNW Group 2013
Source: Canada Newswire
(October 15, 2013 - 3:36 PM EDT)
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