The common shares were sold through a syndicate of investment dealers led by GMP Securities L.P., and including Cormark Securities Inc., Westwind Partners Inc., Orion Securities Inc., Wellington West Capital Markets Inc. and Fraser Mackenzie Limited (the "Underwriters").
The aggregate gross proceeds include the exercise in full by the Underwriters of an option to purchase up to an additional 1.875 million common shares at the offering price.
Pacific Stratus plans to use the net proceeds of this financing for the repayment of its 13% senior unsecured notes, completion of the 2007 drilling program at La Creciente, the construction of the La Creciente production facilities and gas pipeline, the development of Moriche and the construction of production facilities, the technical evaluation of new blocks in the Llanos Basin, and for general corporate purposes.
Pacific Stratus Energy is a Canadian-based oil and gas company that initiated operations in 2004. The company is focused on identifying attractive opportunities primarily within the upstream Sub Andean basins. Pacific Stratus has a current net production of 2,200 barrels of oil per day, with working interests in the Caguan, Dindal, Rio Seco, Puli B, Doima (currently under dispute), La Creciente, Moriche and Guama blocks in Colombia. The company has offices in Toronto, Caracas and Bogota.
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