CALGARY, May 8, 2019 /CNW/ - Surge Energy Inc. (the
"Company") (TSX: SGY) is pleased to announce that it has closed its
previously announced convertible debenture financing with a
syndicate of underwriters (the "Underwriters"), led by National
Bank Financial Inc., pursuant to which the Underwriters purchased
an aggregate principal amount of $34.5
million of convertible unsecured subordinated debentures of
the Company (the "Debentures"), including exercise in full of the
over-allotment option granted to the Underwriters (the
"Over-Allotment Option"), at a price of $1,000 per Debenture, on a "bought-deal" basis
(the "Financing").
The net proceeds from the Financing were used to pay down a
portion of the outstanding indebtedness under the Company's
revolving term credit facility.
The Debentures offered, and the common shares in the capital of
the Company issuable on conversion or redemption thereof, have not
and will not be registered under the U.S. Securities Act of 1933,
as amended (the "Act"), and may not be offered or sold in the
United States absent registration
or an applicable exemption from the registration requirements under
the Act. This press release does not constitute an offer to sell or
a solicitation of any offer to buy the common shares in the
United States.
Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Surge Energy Inc.