C&C Energy Canada to raise C$65 mln through IPO
31 minutes ago via Thomson Reuters
* To offer 7.6 mln shrs at C$8.50 apiece
* Says shareholder to sell 4.1 mln shrs for C$35 mln
* Expects to list shares on TSX by May 25 (Adds details)
May 17 (Reuters) - Oil resources developer C&C Energy Canada Ltd plans to raise about C$65 million ($62.80 million) through an initial public offering, it said in a statement.
The company said it will offer 7.6 million shares through a treasury offering at C$8.50 per share.
Its shareholder C&C Investment Holdings LLC will sell an additional 4.1 million shares at the same price for proceeds of C$35 million.
The company, which intends to change its name to C&C Energia Ltd prior to the closing of the offering, said its underwriters were led by FirstEnergy Capital Corp.
It said C&C Investment, an affiliate of Denham Commodity Partners Fund IV LP, had granted the underwriters an over-allotment option to buy up to an additional 1.7 million shares.
