CALGARY, ALBERTA–(Marketwired – Jan. 11, 2017) – Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation“) (TSX VENTURE:TWM) announces that it has closed its previously announced bought deal financing. A total of 44,231,300 common shares have been issued at a price $1.56 per share for gross proceeds of $69,000,828, which included the exercise in full of the over-allotment option granted to the underwriters (the “Offering“).
The syndicate of underwriters was co-led by CIBC World Markets Inc., National Bank Financial Inc. and Macquarie Capital Markets Canada Ltd., and included Cormark Securities Inc., Beacon Securities Limited, Acumen Capital Finance Partners Limited, Scotia Capital Inc., GMP FirstEnergy, AltaCorp Capital Inc., Paradigm Capital Inc., Desjardins Securities Inc., Canaccord Genuity Corp. and Industrial Alliance Securities Inc.
The net proceeds from the Offering will be used in the manner set forth in the final prospectus, including to fund the previously announced acquisitions of certain gas gathering pipelines and proven natural gas storage reservoirs, which are directly connected to Tidewater’s Brazeau River Complex gas plant (the “BRC“), and towards the construction of ongoing and previously announced capital projects of the Corporation including the fractionation facility at the BRC, relocation of the idled turbo expander, and construction of the Acheson rail facility.
The Corporation also continues to evaluate additional capital projects and anticipates final investment decisions during 2017 that may include the Montney infrastructure/egress hub, the Pipestone area sour gas plant, and a potential polypropylene or iso-octane facility.