CALGARY, AB – Journey Energy Inc. (TSX: JOY) (OTCQX: JRNGF) (“Journey” or the “Company“) is pleased to announce that, as a result of excess demand, it has agreed with the syndicate of underwriters, led by Stifel FirstEnergy (collectively, the “Underwriters”), to increase the size of its previously announced “bought deal” public offering of “flow-through shares” with respect to “Canadian development expenses” within the meaning of the Income Tax Act (Canada) and the regulations thereunder in force as of the date hereof (the “Tax Act”). Journey will now issue 2,643,505 common shares (the “Flow-Through Shares”) at a price (the “Offering Price”) of $6.62 per Flow-Through Share, for total gross proceeds to the Company of approximately $17.5 million (the “Offering”).
Journey has granted to the Underwriters an option to purchase additional Flow-Through Shares, equal to 15% of the number of Flow-Through Shares sold pursuant to the Offering at the Offering Price, for market stabilization purposes and to cover over-allotments for a period expiring March 31, 2023.
In all other respects, the terms of the Offering and use of proceeds will remain as previously disclosed in the March 1, 2023 press release.