04:44 PM EST, 11/26/2024 (MT Newswires) -- Enterprise Group ( ETOLF ) said Tuesday afternoon it said it plans a bought-deal share offering to raise $20 million.

The oilfield-equipment rental company said it is selling an underwriting syndicate 10.53-million shares priced at C$1.90 each. The underwriters also have an option to buy an additional 15% of shares for 30 days after the offering closes, the company said.

Enterprise plans to use the proceeds for working capital and general purposes, supporting its growth in the natural-gas turbine power sector. The offering is set to close around Dec. 12.

The company's shares closed up $0.06 to $2.18 on the Toronto Stock Exchange.