CALGARY, AB –(Marketwired – April 06, 2017) – Cenovus Energy Inc. (TSX: CVE) (NYSE: CVE) (“Cenovus”) has closed its previously announced bought-deal common share financing. A total of 187.5 million common shares (“Common Shares”) were sold at a price of $16.00 per share (the “Offering”) for gross proceeds of $3.0 billion. The Offering was made through a syndicate of underwriters led by RBC Capital Markets and J.P. Morgan.
Cenovus intends to use the net proceeds from the Offering to finance a portion of the cash consideration payable for the purchase of assets in Western Canada from ConocoPhillips, the details of which were announced on March 29, 2017 in a news release issued by Cenovus (the “Acquisition”). In the event that the Acquisition is not completed, Cenovus may use the net proceeds of this Offering to, among other things, reduce its outstanding indebtedness, finance future growth opportunities including acquisitions and investments, finance its capital expenditures, repurchase outstanding Common Shares or for other general corporate purposes.