Bellatrix Exploration Ltd. announces closing of $175 million bought deal financing
/FOR IMMEDIATE RELEASE NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES
OR FOR DISSEMINATION IN THE U.S./
TSX, NYSE MKT: BXE
CALGARY, Nov. 5, 2013 /CNW/ - Bellatrix Exploration Ltd. ("Bellatrix" or
the "Company") (TSX: BXE) (NYSE MKT: BXE) is pleased to announce that
it has closed its previously announced bought deal offering of
21,875,000 common shares ("Common Shares") at a price of $8.00 per Common Share for
aggregate gross proceeds of approximately $175 million. The Common
Shares were sold by a syndicate of underwriters with Canaccord Genuity
Corp., as global bookrunner, co-bookrunner and co-lead underwriter, and Dundee
Securities Ltd., as co-bookrunner and co-lead underwriter.
Bellatrix has 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.
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. 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.
ADVISORIES:
This press release contains forward looking statements. More
particularly, this press release contains statements concerning 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 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
or
Edward J. Brown, CA Executive Vice President, Finance and CFO (403) 750-2655
or
Brent A. Eshleman, P.Eng., Executive Vice President (403) 750-5566
or
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
(www.bellatrixexploration.com)
Copyright CNW Group 2013
Source: Canada Newswire
(November 5, 2013 - 9:10 AM EST)
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