CALGARY, ALBERTA–(Marketwired – Feb. 5, 2014) – Peyto Exploration & Development Corp. (the “Corporation”) (TSX:PEY) is pleased to announce that it has closed its previously announced bought deal offering of common shares. Pursuant to the offering, the Corporation issued 4,720,000 common shares (including 300,000 common shares issued pursuant to the partial exercise of the over-allotment option granted to the underwriters) at a price of $34.00 per common share, for total gross proceeds of approximately $160 million. The syndicate of underwriters was led by BMO Capital Markets and included FirstEnergy Capital Corp., RBC Dominion Securities Inc., CIBC World Markets Inc., Peters & Co. Limited, Scotia Capital Inc., TD Securities Inc., Acumen Capital Finance Partners Limited, Canaccord Genuity Corp. and Haywood Securities Inc.
Net proceeds from the offering will initially be used to partially repay outstanding bank indebtedness and subsequently to fund the Corporation’s ongoing capital expenditures and for general corporate purposes.
This press release contains forward-looking statements including statements concerning the anticipated use of the net proceeds of the offering. The intended use of the net proceeds of the offering might change if the board of directors determines that it would be in the best interests of the Corporation to deploy the proceeds for some other purpose. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Corporation’s control. Accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur. The Corporation disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by applicable securities laws.
Peyto Exploration & Development Corp.
President & CEO
(403) 451-4100 (FAX)