PetroShale closes $54.5 million private placement with Peters & Co. as lead agents

On February 2, 2022, PetroShale Inc. (now Lucero Energy Corp.) closed its oversubscribed non–brokered and brokered private placements raising gross proceeds of $54.5 million with a syndicate of agents led by Peters & Co. Limited and including Haywood Securities Inc., National Bank Financial Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., BMO Nesbitt Burns Inc. and ATB Capital Markets Inc. PetroShale issued 112,500,000 common shares at a price of $0.40 per Common Share for gross proceeds of $45.0 million pursuant to the brokered private placement, which was increased from the original $30 million due to strong demand. Through the brokered and non-brokered private placement, PetroShale raised total gross proceeds of $54.5 million which will be used to reduce debt and for general corporate purposes, positioning the company to execute on a disciplined corporate strategy.

Peters & Co. provides investment services to institutional investors and private clients; employs its own trading group; performs specialized and comprehensive investment research on the Canadian energy sector; and is an active underwriter for, and financial advisor to, companies active in the Canadian energy industry.

McCarthy Tétrault assisted the agents with a team led by Gordon Cameron that included Farhiyah Shariff and Simran Choongh (Business).

Burnet, Duckworth and Palmer LLP acted as counsel to the Company with a team led by Syd Abougoush that included Bronwyn Inkster and Katy Josephs.


Gordon Cameron Syd S. Abougoush Bronwyn Inkster


McCarthy Tétrault LLP Burnet, Duckworth & Palmer LLP