/NOT FOR DISSEMINATION IN THE UNITED STATES - FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF UNITED STATES SECURITIES LAW/ CALGARY, Nov. 12, 2013 /CNW/ - NuVista Energy Ltd. ("NuVista") (TSX: NVA) is pleased to announce that it has entered into an agreement with a syndicate of underwriters co-led by Peters & Co. Limited and RBC Capital Markets Corp., and including CIBC World Markets Inc., FirstEnergy Capital Corp., Scotia Capital Inc., BMO Capital Markets, TD Securities Inc. and National Bank Financial Inc. (collectively, the "Underwriters"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 11,000,000 common shares of the Corporation (the "Common Shares") at a price of $7.10 per Common Share for aggregate gross proceeds of approximately $78.1 million (the "Offering"). The net proceeds of the Offering will initially be used by NuVista to pay down bank indebtedness and then to fund its remaining 2013 and 2014 Wapiti Montney capital program. NuVista's Board of Directors has approved an increase of the 2014 capital budget to between $240 million and $260 million. NuVista expects to maintain its current production guidance of Q4 2013 to Q4 2014 production per share growth of 15% including the effect of this Offering, or approximately 25% absolute production growth. The Offering is scheduled to close on or about December 3, 2013 and is subject to customary regulatory approvals including the approval of the Toronto Stock Exchange (the "TSX"). Following the closing of the Offering NuVista will have approximately 134.9 million common shares outstanding. This press release is not an offer of the Common Shares for sale in the United States. The Common Shares have not been, and will not be, registered under the United States Securities Act of 1933, as amended and may not be offered or sold in the United States absent registration or an exemption from the registration requirements thereof. This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities, in any jurisdiction in which such offer, solicitation or sale would be unlawful. ADVISORY REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS This press release contains forward-looking statements and forward-looking information (collectively, "forward-looking statements") within the meaning of applicable securities laws. The use of any of the words "will", "expects", "believe", "plans", "potential" and similar expressions are intended to identify forward-looking statements or information. More particularly and without limitation, this press release contains forward looking statements and information concerning: the use of proceeds of the Offering; the expected timing of completion of the Offering; and the satisfaction of the conditions of closing of the Offering and on the anticipated timeframes. The forward-looking statements and information in this press release are based on certain key expectations and assumptions made by NuVista, including prevailing commodity prices and exchange rates; applicable royalty rates and tax laws; future well production rates; reserve and resource volumes; the performance of existing wells; the success obtained in drilling new wells; the sufficiency of budgeted capital expenditures in carrying out planned activities; the availability and cost of labour and services; the satisfaction of the conditions of closing of the Offering on the timing planned; and the receipt, in a timely manner, of regulatory and other required approvals. Although NuVista believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information because NuVista can give no assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to the risks associated with the oil and gas industry in general such as: operational risks in development, exploration and production; delays or changes in plans with respect to exploration or development projects or capital expenditures; the uncertainty of reserve estimates; the uncertainty of estimates and projections relating to reserves, production, costs and expenses; health, safety and environmental risks; commodity price and exchange rate fluctuations; marketing and transportation of petroleum and natural gas and loss of markets; environmental risks; competition; incorrect assessment of the value of acquisitions; failure to realize the anticipated benefits of acquisitions; failure to satisfy conditions to closing of the Offering; failure to obtain the necessary regulatory and other approvals, including stock exchange approvals and on the timelines planned; risks that conditions to closing of the Offering are not satisfied; risk that the Board of Directors determines that it would be in the interests of NuVista to deploy the proceeds from the Offering to some other purpose; ability to access sufficient capital from internal and external sources; stock market volatility; and changes in legislation, including but not limited to tax laws, royalty rates and environmental regulations. Readers are cautioned that the foregoing list of factors is not exhaustive. Additional information on these and other factors that could affect the operations or financial results of NuVista are included in reports on file with applicable securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Readers are cautioned that the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. NuVista's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements, or if any of them do so, what benefits NuVista will derive therefrom. NuVista disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. SOURCE NuVista Energy Ltd. Jonathan Wright President and CEO (403) 538-8501 Robert F. Froese VP, Finance and CFO (403) 538-8530 To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/November2013/12/c6831.html CO: NuVista Energy Ltd. ST: Alberta NI: OIL LOAN MNA -0- Nov/12/2013 22:18 GMT
NuVista Energy Ltd. Announces Common Share Financing
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