On July 13, 2016, Birchcliff Energy Ltd. (Birchcliff) closed its previously announced bought-deal financing (the Offering) through a syndicate of underwriters co-led by National Bank Financial Inc., Cormark Securities Inc., GMP Securities L.P. and Scotia Capital Inc. and including CIBC World Markets Inc., HSBC Securities (Canada) Inc., TD Securities Inc., Raymond James Ltd., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., AltaCorp Capital Inc., Haywood Securities Inc., Integral Wealth Securities Limited and Peters & Co. Limited (collectively, the Underwriters). Birchcliff issued 107,520,000 subscription receipts (Subscription Receipts) (including 6,000,000 Subscription Receipts issued upon the exercise in full of the over-allotment option granted to the Underwriters) at a price of $6.25 per Subscription Receipt for gross proceeds of $672 million.
Birchcliff also closed its previously announced non-brokered private placement of 3,000,000 Subscription Receipts at a price of $6.25 per Subscription Receipt for gross proceeds of $18.75 million, which proceeds together with the gross proceeds from the Offering, raised aggregate gross proceeds of approximately $690.8 million for Birchcliff.
Birchcliff was led by its General Counsel, Robyn Bourgeois.
Borden Ladner Gervais LLP represented Birchcliff Energy Ltd. in connection with the financings, with a team led by Louise Lee which included Kent Kufeldt and Ravi Latour.
Osler, Hoskin & Harcourt LLP represented the Underwriters with a team led by Robert Lehodey which included Frank Turner, Daniel Zuniga and Steven Ngo.