On March 8, 2022, Sintana Energy Inc. (the "Company") closed its previously announced marketed public offering (the "Offering") conducted by Echelon Capital Markets ("Echelon") as lead agent and sole bookrunner, pursuant to which it issued an aggregate of 88,550,000 units (the "Units") of the Company, at a price of C$0.15 per Unit, to raise aggregate gross proceeds of C$13,282,500 (including full exercise of an over-allotment option). The Offering was upsized from the originally announced maximum base offering of C$10 million.
Each Unit consisted of one common share of the Company (each a “Common Share”) and one Common Share purchase warrant (each a “Warrant”). Each Warrant entitles the holder thereof to acquire one Common Share for an exercise price of C$0.25 until March 8, 2024.
The Company used the proceeds of the Offering to, among other things, complete its previously announced significant acquisition of 49% of the issued and outstanding shares of Inter Oil (Pty) Ltd., a private Namibian company, which indirectly holds a strategic portfolio of limited carried and uncarried interests in five petroleum exploration licenses in Namibia.
Echelon was advised by Fasken with a team comprised of Jason Giborski, Bill deJong, Aman Marwaha and Claudia Honetschlaeger (Capital Markets and Securities).
Jurisdictions
- Alberta
- British Columbia
- Manitoba
- New Brunswick
- Newfoundland and Labrador
- Nova Scotia
- Ontario
- Prince Edward Island
- Saskatchewan
