Seven Generations Raising $187 Million in Private Shares Saleby
Seven Generations Energy Ltd. said it’s raising C$260 million ($187 million) in a private placement of shares.
The Calgary-based gas explorer backed by Canada Pension Plan Investment Board will issue about 18.6 million common shares at C$14 apiece, according to a statement on Tuesday.
"This new investment will provide additional financial resilience and fortify our balance sheet,” Chief Financial Officer Chris Law said in the statement. “We continue to be well funded through 2016 and this additional equity will improve our net debt-to-cash flow ratio during this time of significant commodity price weakness and volatility."
The private placement financing is being co-led by Peters & Co. and RBC Capital Markets, the company said.