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Prairie Provident closes C$8mln bought deal

Friday, March 17, 2017 8:25
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Prairie Provident Resources Inc on Thursday closed its bought deal equity financing through a syndicate of underwriters led by Mackie Research Capital Corp, raising total gross proceeds of approximately C$8mln.
The company issued 5,971,000 subscription receipts at a price of 67 cents per subscription receipt and 5,195,000 common shares issued on a flow-through basis.
The gross proceeds from the sale of subscription receipts will be held in escrow pending closing of the company’s previously announced C$41mln acquisition of strategic assets in the Greater Red Earth area of Northern Alberta.
Upon closing of the acquisition, expected to occur on or about March 22, the net proceeds from the sale of subscription receipts will be released from escrow to the company, and the purchasers of the subscription receipts will automatically receive, for no additional consideration and without any action on their part, for every subscription receipt held, one unit of Prairie Provident comprising one common share and one-half of one common share purchase warrant.
Broker reaction
“PPR becomes a much larger company which ~6,500 boe/d and 2P reserves of 20.2mln boe and we expect a re-rating of the stock on valuation multiple expansion,” said Mackie Research after the completion of the funding as it reiterated a Buy recommendation and C$2.00 target price.

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