Journey Energy closes $12.10-million bought deal flow-through share financing

On March 18, 2022, Journey Energy Inc. closed the bought deal flow-through share financing that was previously announced on February 28, 2022. The full 15 percent over-allotment was exercised bringing the total equity issuance to 2,852,000 flow-through common shares at a price of $4.25 per share for total gross proceeds of $12,121,000. Acumen Capital Finance Partners Limited acted as the sole underwriter for the offering.

Journey is a Canadian exploration and production company focused on conventional, oil-weighted operations in western Canada. Journey's strategy is to grow its production base by drilling on its existing core lands, implementing water flood projects, and executing on accretive acquisitions. Journey seeks to optimize its legacy oil pools on existing lands through the application of best practices in horizontal drilling and, where feasible, with water floods.

McCarthy Tétrault assisted Journey with a team led by Brad Squibb that included Farhiyah Shariff, Simran Choongh, Matthew Hooker (Business).

Torys LLP served as counsel to Acumen with a team led by Scott Cochlan and Janan Paskaran, and that included Michael Pedlow, Jennifer Baugh and Jon McDonald (corporate/Canadian securities), Craig Maurice and Steve Marshall (tax).