CALGARY, ALBERTA–(Marketwired – Feb. 24, 2016) – Seven Generations Energy Ltd. (TSX:VII) has closed its previously announced bought deal financing pursuant to which it issued 21,428,600 common shares at a price of $14.00 per share for gross proceeds of $300 million. The net proceeds are anticipated to be used for general corporate purposes – primarily 2016 capital investment aimed at growing liquids-rich natural gas production at 7G’s Kakwa River Project in northwest Alberta. With the issuance of this additional equity, combined with cash on hand and anticipated funds from operations, 7G expects to complete its planned 2016 capital investment of between $900 million and $950 million.
Peters & Co. Limited and RBC Capital Markets acted as co-lead underwriters and joint bookrunners on the offering.
Seven Generations Energy
Seven Generations is a low-supply-cost, high-growth Canadian natural gas developer generating long-life value from its liquids-rich Kakwa River Project, located about 100 kilometres south of its operations headquarters in Grande Prairie, Alberta. 7G’s corporate headquarters are in Calgary and its shares trade on the TSX under the symbol VII.
Further information about Seven Generations is available on the Company’s website: www.7genergy.com