On March 30, 2022, Rubellite Energy Inc. completed a $25.3 million bought deal public offering with a syndicate of underwriters led by Peters & Co. Limited and a $13.4 million concurrent private placement offering.
Pursuant to the bought deal offering, Rubellite issued 7,130,000 Common Shares, including 930,000 common shares issued pursuant to the exercise in full of the overallotment option granted to the underwriters. The common shares were issued at a price of $3.55 per common share for total gross proceeds of $25,311,500. The offering was made through a syndicate of underwriters led by Peters & Co. Limited that included BMO Nesbitt Burns Inc., ATB Capital Markets Inc., Stifel Nicolaus Canada Inc., Cormark Securities Inc. and Raymond James Ltd.
Concurrently with the offering, Rubellite also closed a non-brokered private placement in which certain directors, officers and employees of the company and Perpetual Energy Inc. and their respective associates and relatives purchased 3,783,820 Common Shares at a price of $3.55 per common share for gross proceeds of $13,432,561.
Rubellite is a Canadian energy company engaged in the exploration, development and production of heavy crude oil from the Clearwater formation in Eastern Alberta, utilizing multi-lateral drilling technology. Rubellite has a pure play Clearwater asset base and is pursuing a robust organic growth plan focused on superior corporate returns and funds flow generation while maintaining a conservative capital structure and prioritizing environmental, social and governance (ESG) excellence.
Peters & Co. Limited is an independent, fully integrated investment dealer focused on in investments in the Canadian energy sector.
Burnet, Duckworth and Palmer LLP advised Rubellite with a team led by James Kidd that included Bronwyn Inkster, Katy Josephs and Tyler Engelking.
McCarthy Tétrault advised Peters & Co. Limited with a team led by Alyson Goldman that included Jessica Brown and Ashley Wilson.