PrairieSky Raises $230 Million Via Bought Deal Financing
PrairieSky Royalty (TSX: PSK) is all cashed up. The company this morning announced the closing of a bought deal financing, which saw the company raise gross proceeds totaling $230.1 million.
The bought deal financing saw the company issue 17.2 million common shares in total, with no warrant involved with the financing. That figure includes 2.2 million common shares which were issued in connection with the full exercise of an over-allotment option.
Shares under the financing were issued at $13.40 per each.
Proceeds from the financing are to be used to partially fund the $728 million purchase of royalty lands across Western Canada that total out at 1.9 million acres. That purchase is expected to generate roughly $65 million in royalty revenue in 2022 for the company.
PrairieSky Royalty last traded at $13.37 on the TSX.
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