PrimeWest Energy Trust Announces Closing of Bought Deal Financing
22 April 2004 - 4:55PM
PR Newswire (US)
PrimeWest Energy Trust Announces Closing of Bought Deal Financing
TSX: PWI.UN; PWX; NYSE: PWI CALGARY, April 22
/PRNewswire-FirstCall/ -- PrimeWest Energy Trust (PrimeWest) today
announced the closing of the previously announced equity financing
of 5.4 million Trust Units, at $26.30 per Trust Unit, for total
gross proceeds of $142 million. The underwriting syndicate was led
by Scotia Capital Inc. and included CIBC World Markets Inc., BMO
Nesbitt Burns Inc., National Bank Financial Inc., RBC Capital
Markets, TD Securities Inc., Canaccord Capital Corporation, HSBC
Securities (Canada) Inc., Desjardins Securities Inc. and GMP
Securities Ltd. The net proceeds of the issue will be to reduce
debt partially incurred in the previously announced $44 million
acquisition of Seventh Energy, for ongoing capital expenditures and
for general corporate purposes. The trust units have not been, and
will not be, registered under the U.S. Securities Act of 1933 and
may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements.
PrimeWest is a Calgary-based conventional oil and gas royalty trust
that actively acquires, develops, produces, and sells natural gas,
crude oil, and natural gas liquids for the generation of monthly
cash distributions to unitholders. Trust units of PrimeWest are
traded on the Toronto Stock Exchange (TSX) under the symbol
"PWI.UN" and on the New York stock Exchange under the symbol "PWI".
Exchangeable shares of PrimeWest Energy Inc. are listed on the TSX
under the symbol "PWX". Learn more about PrimeWest on our Web site,
http://www.primewestenergy.com/. DATASOURCE: PrimeWest Energy Trust
CONTACT: For Investor Relations inquiries, please contact: George
Kesteven, Manager, Investor Relations, 403-699-7367; Cindy Gray,
Investor Relations Advisor, 403-699-7356, Toll-free:
1-877-968-7878, e-mail: ; To request a free copy of this
organization's annual report, please go to http://www.newswire.ca/
and click on reports@cnw.
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