01:35 PM EDT, 05/15/2024 (MT Newswires) -- Saturn Oil & Gas ( OILSF ) said Wednesday it raised $100 million as it closed a bought-deal offering of subscription receipts.

The company issued 42.55 million subscription receipts priced at at $2.35 apiece.

The receipts will be converted into shares in the Western Canadian oil and gas producer when it closes the previously announced $525-million acquisition of two oil-weighted asset packages in southern Saskatchewan.

The company will use the net proceeds to pay for a portion of the cash consideration of the acquisition.

If the acquisition is not completed by Aug. 14, or if the acquisition is terminated at an earlier time, the gross proceeds and pro rata entitlement to interest earned or deemed to be earned on the gross proceeds will be paid to holders of the subscription receipts and the subscription receipts will be canceled.

The company will release its first quarter financial results after the close of regular stock market trading hours by May 15.

Saturn shares were last seen down $0.01 to $2.47 on the Toronto Stock Exchange.

Price: 2.47, Change: -0.01, Percent Change: -0.40