Clearview Resources closes asset acquisition and private placement

Calgary (pcJ News Briefs) – Clearview Resources Ltd., formerly KDC Energy Ltd., has closed a second acquisition of assets in the Pembina area of Alberta for $20,100,001 with an effective date of December 1, 2016.

To partially finance this acquisition, Clearview completed the second tranche of its non-brokered private placement of 3,187,922 voting common shares at $5.00 per share for gross proceeds of $15,939,160.

Clearview’s production post acquisition is approximately 2,000 boepd (approximately 39% oil & liquids and 61% gas).

On February 8, 2107, Clearview announced the acquisition of assets in the Wilson Creek area of Alberta for $11,355,000 with an effective date of December 1, 2016. To partially finance the acquisition Clearview completed the first tranche of a targeted $16 million non-brokered private placement, issuing 1,040,051 voting common shares at $5.00 per share for $5,200,255.

After the private placement, Clearview has 8,437,866 voting common shares issued and outstanding. Concurrent with the closing of the Pembina acquisition, Clearview’s loan facility increased to $26.0 million of which approximately $14 million is currently drawn.

Not taking into account of possible shares subscribed through the private placement, Clearview’s largest shareholder, Pino Grande Holdings Corp., will see its stake reduced from 21.1% to 10.5%.

photo credit: Clearview Resources


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