CALGARY, ALBERTA--(Marketwire - Aug. 7, 2009) - Bonavista Energy Trust (TSX:BNP.UN) ("Bonavista") is pleased to announce that it has completed its previously announced bought deal financing for gross proceeds of $421.25 million (the "Offering"). Pursuant to the Offering, Bonavista through a syndicate of underwriters co-led by TD Securities Inc. and CIBC World Markets Inc. and including BMO Nesbitt Burns Inc., RBC Dominion Securities Inc., Scotia Capital Inc., FirstEnergy Capital Corp., National Bank Financial Inc., Peters & Co. Limited, HSBC Securities (Canada) Inc. and Tristone Capital Inc. (the "Underwriters") issued 25,000,000 subscription receipts ("Subscription Receipts") at a price of $16.85 per Subscription Receipt, which includes 2,000,0000 Subscription Receipts issued in connection with the exercise of the Underwriters' over-allotment option in full.
The gross proceeds of the Offering will be held in escrow pending the completion of the previously announced acquisition of certain long-life natural gas weighted properties located in Bonavista's Central Alberta core area (the "Acquisition"). If the Acquisition is completed on or before September 30, 2009, the net proceeds from the Offering will be released to Bonavista and used by it to pay a portion of the purchase price of the Acquisition. If the Acquisition closes on August 20, 2009, as scheduled, holders of Subscription Receipts will become holders of record of trust units on August 20, 2009 and will, if they continue to hold such trust units, be entitled to the August 31, 2009 distribution to holders of the trust units. If the Acquisition is not completed on or before September 30, 2009 or the Acquisition is terminated at an earlier time, holders of Subscription Receipts will receive a cash payment equal to the offering price of the Subscription Receipts together with any interest that was earned thereon during the term of escrow.
The Subscription Receipts will be listed for trading on the TSX under the symbol BNP.R on August 7, 2009.
Bonavista Energy Trust is a mid-sized energy trust created through the reorganization of Bonavista Petroleum Ltd. on July 2, 2003. Bonavista Energy Trust is committed to maintaining its emphasis on operating high quality oil and natural gas properties, providing moderate growth and delivering consistent distributions to its unitholders while ensuring financial strength and sustainability. Bonavista's trust units trade on the Toronto Stock Exchange under the symbol BNP.UN.
Please visit our website at www.bonavistaenergy.com for detailed corporate information.
Advisory Regarding Forward-Looking Information and Statements
This press release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws.
