CALGARY, Jan. 17, 2012 /PRNewswire/ - Enerplus Corporation
("Enerplus") (TSX: ERF) (NYSE: ERF) today announced that it has
entered into an agreement to issue to a syndicate of Canadian
underwriters on a bought deal basis 12,790,000 common shares at a
price of $23.45 per share for gross
proceeds of approximately $300
million. Enerplus has granted the underwriters an
option, exercisable in whole or in part until 30 days following
closing, to purchase up to 1,918,500 additional common shares at
the same offering price, to cover over-allotments, if any, and for
market stabilization purposes. Should the underwriters'
over-allotment option be fully exercised, the total gross proceeds
of the financing will be approximately $345
million. Enerplus expects the equity issue to close on
February 8, 2012. The net
proceeds from the offering will be used to finance a portion of
Enerplus' 2012 capital expenditure program.
The common shares will be offered in all
provinces and territories of Canada by way of a short form
prospectus. The offering will also be extended to accredited
investors in the United States
pursuant to the exemption from registration provided by Regulation
D under the United States Securities Act of 1933, as amended (the
"Securities Act"). The offering is subject to the receipt of all
necessary regulatory and stock exchange approvals and other
customary conditions.
The common shares will not be offered or sold in
the United States or to, or for
the account or benefit of, U.S. persons, except to accredited
investors in accordance with Regulation D under the Securities Act,
and outside the United States to
persons other than U.S. persons in reliance on Regulation S under
the Securities Act. The common shares have not been and will not be
registered under the Securities Act and may not be offered or sold
in the United States or to, or for
the account or benefit of, U.S. persons, absent registration or an
applicable exemption from the registration requirements of the
Securities Act and applicable state securities laws. This
news release shall not constitute an offer to sell or the
solicitation of an offer to buy nor shall there be any sale of the
common shares in the United States
or any jurisdiction in which such offer, solicitation or sale would
be unlawful.
All dollar amounts or references to "$" in this news release are
in Canadian dollars unless specified otherwise.
Gordon J.
Kerr
President & Chief Executive Officer
Enerplus Corporation
Cautionary Note Regarding Forward-Looking Information and
Statements
This news release contains certain
forward-looking information and statements within the meaning of
applicable securities laws. The use of any of the words "expect",
"anticipate", "continue", "estimate", "budget", "guidance",
"objective", "ongoing", "may", "will", "project", "should",
"believe", "plans", "intends", "strategy" and similar expressions
are intended to identify forward-looking information or statements.
In particular, but without limiting the foregoing, this news
release contains forward-looking information and statements
pertaining to the completion of an equity offering and the use of
proceeds therefrom.
The forward-looking information and statements
contained in this news release reflect several material factors and
expectations and assumptions of Enerplus including, without
limitation that all conditions required to be satisfied and all
approvals required to be obtained in connection with the equity
offering will be obtained. Enerplus believes the material
factors, expectations and assumptions reflected in the
forward-looking information are reasonable at this time but no
assurance can be given that these factors, expectations and
assumptions will prove to be correct.
The forward-looking information and statements
included in this news release are not guarantees of future
performance and should not be unduly relied upon. Such information
and statements involve known and unknown risks, uncertainties and
other factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
information or statements including, without limitation, a failure
to complete the equity offering as anticipated and certain other
risks detailed from time to time in Enerplus' public disclosure
documents including, without limitation, those risks identified in
our MD&A for the year ended December 31,
2010 and in Enerplus' Annual Information Form dated
March 11, 2011 for the year ended
December 31, 2010, copies of which
are available on Enerplus' SEDAR profile at www.sedar.com and which
also form part of Enerplus' annual report on Form 40-F for the year
ended December 31, 2010 filed with
the United States Securities and
Exchange Commission, a copy of which is available at
www.sec.gov.
The forward-looking information and statements
contained in this news release speak only as of the date of this
news release, and Enerplus assumes no obligation to publicly update
or revise them to reflect new events or circumstances, except as
may be required pursuant to applicable laws.
SOURCE Enerplus Corporation