On July 13, 2016, Birchcliff Energy Ltd. ("Birchcliff") closed its previously announced bought-deal financing (the "Offering") through a syndicate of underwriters co-led by National Bank Financial Inc., Cormark Securities Inc., GMP Securities L.P. and Scotia Capital Inc. and including CIBC World Markets Inc., HSBC Securities (Canada) Inc., TD Securities Inc., Raymond James Ltd., BMO Nesbitt Burns Inc., Canaccord Genuity Corp., Macquarie Capital Markets Canada Ltd., AltaCorp Capital Inc., Haywood Securities Inc., Integral Wealth Securities Limited and Peters & Co. Limited (collectively, the "Underwriters"). Birchcliff issued 107,520,000 subscription receipts ("Subscription Receipts") at a price of $6.25 per Subscription Receipt for gross proceeds of $672.0 million.
Birchcliff also closed its previously announced non-brokered private placement of 3,000,000 Subscription Receipts at a price of $6.25 per Subscription Receipt for gross proceeds of $18.75 million. Aggregate gross proceeds from the private placement and the Offering total approximately $690.8 million for Birchcliff.
Osler, Hoskin & Harcourt LLP represented the Underwriters with a team led by Robert Lehodey which included Frank Turner, Daniel Zuniga, Steven Ngo and Miju Damodar. (Corporate Finance and Securities).