Leucrotta announces $36M acquisition and $50M bought deal financing

Calgary (pcJ News Briefs) – Leucrotta Exploration Inc. (TSX-V: LXE) has entered into an agreement with a syndicate of underwriters, co-led by Haywood Securities Inc. and National Bank Financial Inc. for a bought deal of 20,000,000 common shares at $2.25 per share for $45 million and 1,852,000 CEE flow through (FT) common shares at $2.70 per FT share for approximately $5 million.

Net proceeds will be used to fund portion of the proposed $36 million acquisition with public Alberta based oil and gas companies of 18.5 net sections of land located within Leucrotta’s higher confidence mapping area encompassing 116 gross (105 net) sections of the Lower Montney Turbidite Light Oil Resource Play.

The financing is expected to close on or about April 26, 2017 and the acquisition is expected to close on or about May 31, 2017.

National Bank Financial Inc. acted as strategic advisor to Leucrotta with respect to the acquisition.

Leucrotta Exploration Inc. is a Montney focused producer with lands located in the Dawson-Sunrise area in northeast British Columbia.

photo credit: Leucrotta Exploration

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