Leucrotta Exploration closes $80M bought deal financing

Calgary (pcJ News Briefs) – Leucrotta Exploration Inc. (TSX-V: LXE) has completed previously announced bought deal of 33,333,400 common shares at $2.25 per common share and 1,852,000 Canadian Exploration Expenses (CEE) flow-through shares at $2.70 per FT share for gross proceeds of $80,000,550.

The underwritering syndicate was co-led by Haywood Securities Inc. and National Bank Financial Inc., and included Acumen Capital Finance Partners Limited, Clarus Securities Inc., Desjardins Securities Inc., Macquarie Capital Markets Canada Ltd., AltaCorp Capital Inc., Cormark Securities Inc., Paradigm Capital Inc., RBC Dominion Securities Inc., GMP Securities L.P., Beacon Securities Limited, Canaccord Genuity Corp. and Raymond James Ltd.

Gowling WLG (Canada) LLP and Burnet, Duckworth & Palmer LLP acted as legal counsel to Leucrotta Exploration and the underwriters respectively.

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.

An amount equal to the gross proceeds raised from the issuance of FT shares will be used by Leucrotta to incur CEE on Leucrotta’s existing Canadian properties on or prior to December 31, 2018. A portion of the net proceeds from the offering will be sued to complete the land acquisition previously announced on April 5, 2017, fund its capital budget and provide funding for future acquisition opportunities that are in the market place currently and for general corporate purposes.

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

photo credit: Leucrotta Exploration