Fireweed Energy Ltd. has filed for an initial public offering for gross proceeds of $40 million or $46 million, assuming the over-allotment option is exercised in full. Offering pricing has yet determined.
Fireweed Energy currently has 9,187,513 common shares outstanding.
The offering is co-led by National Bank Financial Inc. and Cormark Securities Inc.
DLA Piper (Canada) LLP and Burnet, Duckworth & Palmer LLP act as legal counsel to Fireweed Eenrgy and the underwriters respectively.
Calgary based Fireweed Energy Ltd is a Canadian junior oil and natural gas company focused on growth through exploration, development, production and acquisition programs in the Western Canadian Sedimentary Basin (WCSB).
Effective February 28, 2017, Fireweed purchased its major assets from Predator Oil BC for consideration of $30 million. The acquisition included production of approximately 800 to 900 Boe/d, 31,960 gross (22,663 net) hectares of undeveloped lands in the NEBC Montney and associated abandonment and reclamation obligations of approximately $18.2 million. The Purchase Price was made up of $15,000,000 in cash and the share consideration.
Since its inception in December 2016, Firweed Eenrgy has raised $16.76 million through private placement equity financings, $1.38 million of which was from Fireweed’s directors, officers, employees and their associates.
photo credit: Fireweed Energy