Energy stocks were mostly lower in afternoon trading, with the S&P/TSX Energy index off 0.10%.
Baytex Energy (BTE.TO): -0.7%
Bankers Petroleum (BNK.TO): -1.7%
Talisman Energy (TLM.TO): +0.5%
Suncor (SU.TO): +0.5%
TransCanada (TRP.TO): -0.3%
Arsenal Energy (AEI.TO): -0.9%
In corporate news, Baytex Energy said it completed its acquisition of Aurora Oil & Gas for 4.20 Australian dollars per share and confirmed a 9% boost to its dividend concurrent with the closing.
The consideration of A$4.20 for each Aurora share held as at June 3, 2014 will be paid within the next five business days, the company said. The monthly dividend, meanwhile, will increase to $0.24 from $0.22 per share, payable July 15 to shareholders of record on June 30.
Meanwhile, Arsenal Energy entered into an equity financing agreement, on a bought deal basis, with a syndicate of underwriters that will see Arsenal issue 428,000 common shares at a price of $9.35 per CEE FT Share for gross proceeds of near $4 million. The Underwriters have been granted an option by the company to buy up to an additional 64,200 CEE FT Shares at the Offering Price, as applicable. The Over-Allotment Option is exercisable in whole or in part for a period of 30 days from closing of the offering.
The gross proceeds from the sale of the CEE FT Shares will be used to incur Canadian exploration expenses for the purposes of the Income Tax Act (Canada) and such CEE will be renounced to subscribers for the 2014 tax year.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
