WHITECAP RESOURCES INC. CLOSES $120 MILLION BOUGHT DEAL FINANCING
CALGARY, ALBERTA – Whitecap Resources Inc. ("Whitecap" or the "Company") (TSX: WCP) is pleased to announce that it has completed its previously announced bought deal financing (the "Offering"). Whitecap, through a syndicate of underwriters co-led by GMP Securities L.P. and National Bank Financial Inc. and including Macquarie Capital Markets Canada Ltd., Dundee Securities Ltd., FirstEnergy Capital Corp., Cormark Securities Inc., Scotiabank and Desjardins Securities Inc. (collectively, the "Underwriters") issued a total of 5,941,000 units ("Units") at a price of $20.20 per Unit for gross proceeds of approximately $120 million. Each Unit is comprised of one subscription receipt (a "Subscription Receipt") at a price of $10.10 per Subscription Receipt and one common share in the capital of the Corporation (a "Common Share") at a price of 10.10 per Common Share.
Whitecap has also granted the Underwriters an option (the "Over‐Allotment Option") to purchase up to an additional 891,150 Units, which is exercisable at $20.20 per Unit until April 18, 2012.
Each Subscription Receipt represents the right to acquire, without payment of additional consideration or further action, one Common Share upon closing of the previously announced plan of arrangement with Midway Energy Ltd. (the "Arrangement"). The Arrangement is expected to be completed on or about April 20, 2012, subject to receipt of all required approvals.
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