Strad Energy Services completes $15M bought deal

Ted Liu

Strad Energy Services Ltd. (TSX: SDY) has completed previously announced bought deal financing of 8,928,572 class A shares, including 1,164,596 Common Shares issued pursuant to the exercise in full of the over-allotment option, $1.68 per share for gross proceeds of approximately $15 million.

The underwriting syndicate is led by Raymond James Ltd. and including Paradigm Capital Inc., Peters and Co. Limited, HSBC Securities (Canada) Inc. and Industrial Alliance Securities Inc.

Burnet, Duckworth & Palmer LLP and Burstall Winger Zammit LLP acted as legal counsels to Strad and the underwriters respectively.

Strad Energy Services intends to use proceeds to reduce outstanding indebtedness under the Credit Facility, for its ongoing capital expenditure program, potential acquisitions, and for general corporate purposes.

photo credit: Strad Energy Services