Baytex issued 21,907,500 common shares (the “Common Shares”), including 2,857,500 common shares pursuant to the full exercise of the over-allotment option, at a price of $5.25 per share for aggregate gross proceeds of approximately $115 million. The net proceeds from the Equity Financing will be used to fund the acquisition of heavy oil assets located in the Peace River area of Northern Alberta, reduce bank indebtedness and fund ongoing capital expenditures.
The Common Shares were offered through a syndicate of underwriters co-led by Scotiabank and RBC Capital Markets, and including CIBC World Markets, BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Desjardins Securities Inc., Peters & Co. Limited, Barclays Capital Canada Inc., Canaccord Genuity Corp., Merrill Lynch Canada Inc., AltaCorp Capital Inc., GMP FirstEnergy, Macquarie Capital Markets Canada Ltd., Raymond James Ltd. and Wells Fargo Securities Canada, Ltd.
The Equity Financing was completed by way of short form prospectus filed with the securities regulatory authorities in each of the provinces of Canada (except Québec). The prospectus is accessible on SEDAR at www.sedar.com and EDGAR at www.sec.gov.