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O Canada! – Fall Update

Corporate partner Guy Lander, tax partner Howard Barnet and corporate associates Christine Jung, Jayun Koo and Natalie Wilson have been busy assisting Canadian energy companies in various transactions.  Mary Joan Hoene of CL&M also assisted with these transactions. Here are some of the highlights:

  • On November 21, Crescent Point Energy announced the closing of its bought deal financing.  A total of 18,750,000 Crescent Point shares were issued at a price of CDN $40.00 per share for gross proceeds of CDN $750 million.
  • On November 19, Athabasca Oil Corporation announced the closing of its offering of Senior Secured Second Lien Notes.  Athabasca issued CDN $550 million principal amount of Senior Secured Second Lien Notes at par, which bear interest at a rate of 7.50% per annum and mature on November 19, 2017.
  • On October 17, Corval Energy Ltd. completed a plan of arrangement under the Business Corporations Act (Alberta) pursuant to which it acquired all of the issued and outstanding units of Foundation Group Development Trust, a wholly-owned subsidiary of Foundation Group Capital Trust, for approximately CDN $17.3 million, plus the assumption of approximately CDN $6.2 million in debt and CDN $5 milion in notes.
  • On July 23, Veraz Petroleum Ltd. announced the sale of its wholly-owned subsidiary, Veraz Petroleum Peru S.A.C., to Petrominerales Ltd. in consideration for US $5 million of Petrominerales Ltd. common shares pursuant to a plan of arrangement under the Business Corporations Act (Alberta).
  • A group of investors led by York Plains Investment Corp. purchased of the controlling interest in Totally Green, Inc. (PINKSHEETS: TLGN), a pioneer in organic food processing systems and compostable packaging alternatives, pursuant to a stock purchase agreement dated August 10, 2012. CL&M assisted the investors in a $5 of equity financing and up to $15 million in equipment financing for the roll out of Totally Green’s new service program.

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