PHX Energy Services closes $29M bought deal

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By Ted Liu

PHX Energy Services Corp. (TSX: PHX) has completed previously announced bought deal public offering of 7,187,500 common shares, including 937,500 common shares issued pursuant to the exercise in full of the over-allotment option, at $4.00 per share for gross proceeds of approximately $28.8 million.

PHX Energy Services also closed a concurrent private placement of 500,000 common shares at the offering price for $2 million with certain directors, officers, employees and consultants.

The syndicate of underwriters was led by Peters & Co. Limited and included AltaCorp Capital Inc., Cormark Securities Inc., Scotia Capital Inc. and HSBC Securities (Canada) Inc.

Burnet, Duckworth & Palmer LLP and Stikeman Elliott LLP acted as legal counsels to PHX and the underwriters respectively.

photo credit: PHX Energy Services