/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE
SERVICES OR DISSEMINATION IN THE UNITED
STATES/
CALGARY,
AB, March 10, 2022 /CNW/ - (TSX:RBY)
– Rubellite Energy Inc. ("Rubellite", or the
"Company") is pleased to announce that it has agreed with the
syndicate of underwriters led by Peters & Co. Limited to
increase the size of the previously announced bought deal financing
(the "Offering"). Rubellite will now issue 6,200,000 common shares
(the "Common Shares") at a price of $3.55 per Common Share for gross proceeds of
$22.0 million pursuant to the
Offering.
The underwriters will have an option to purchase up to an
additional 15% of the Common Shares issued under the Offering at a
price of $3.55 per Common Share to
cover over-allotments and for market stabilization purposes
exercisable in whole or in part at any time until 30 days after
closing of the Offering.
In conjunction with the Offering, the previously announced
non-brokered private placement to certain officers, directors and
employees of Rubellite and their associates has been increased to a
minimum of 2.85 million Common Shares at a price of $3.55 per Common Share for gross proceeds of
approximately $10.1 million (the
"Private Placement").
In all other respect, the terms of the Offering and use of
proceeds therefrom will remain as previously disclosed in the
Company's earlier March 10, 2022
press release.
The Common Shares issued pursuant to the Offering will be
distributed by way of a short form prospectus in all provinces of
Canada, other than Quebec, and may also be placed privately in
the United States to Qualified
Institutional Buyers (as defined under Rule 144A under the United
States Securities Act of 1933, as amended (the "U.S. Securities
Act")) pursuant to the exemption provided by Rule 144A under the
U.S. Securities Act, and may be distributed outside Canada and the
United States on a basis which does not require the
qualification or registration of any of the Company's securities
under domestic or foreign securities laws. The Common Shares have
not been and will not be registered under the U.S. Securities Act,
and this news release does not constitute an offer of securities
for sale in the United States. The
Common Shares may not be offered or sold in the United States absent registration or an
exemption from registration.
No securities regulatory authority has either approved or
disapproved of the contents of this news release. 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
securities in any State in which such offer, solicitation or sale
would be unlawful.
ADDITIONAL INFORMATION
About Rubellite
Rubellite is a Canadian energy company engaged in the
exploration, development and production of heavy crude oil from the
Clearwater formation in
Eastern Alberta, utilizing
multi-lateral drilling technology. Rubellite has a pure play
Clearwater asset base and is
pursuing a robust organic growth plan focused on superior corporate
returns and free funds flow generation while maintaining a
conservative capital structure and prioritizing ESG
excellence. Additional information on Rubellite can be
accessed at the Company's website at www.rubelliteenergy.com and on
SEDAR at www.sedar.com.
The Toronto Stock Exchange has neither approved nor disapproved
the information contained herein.
SOURCE Rubellite Energy Inc.