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PrairieSky Royalty closes C$230.1M bought deal equity financing

Date Closed

December 31, 2021

Lead Office

Calgary

Value

230.10 Million CAD

PrairieSky Royalty Ltd. has closed its previously announced bought deal offering of common shares (the "Offering"). Pursuant to the Offering, PrairieSky Royalty issued 17,169,500 common shares (including 2,239,500 common shares issued pursuant to the exercise in full of the over-allotment option granted to the underwriters) at a price of C$13.40 per common share, for aggregate gross proceeds of approximately C$230.1 million. The syndicate of underwriters was led by TD Securities Inc. and RBC Capital Markets as joint bookrunners and co-led by CIBC Capital Markets and BMO Capital Markets. Net proceeds from the Offering are expected to be used to partially fund the previously announced C$728 million acquisition of 1.9 million acres of royalty lands across Western Canada and complementary seismic assets. On December 31, 2021, the shareholders of record are eligible to receive the dividend declared as of December 8, 2021 for the shares issued in connection with the Offering.

PrairieSky Royalty is a royalty-focused company, generating royalty revenues as petroleum and natural gas are produced from its properties. PrairieSky Royalty as a diverse portfolio of properties that have a long history of generating funds from operations and that represent the largest and most concentrated independently-owned fee simple mineral title position in Canada.

McCarthy Tétrault advised PrairieSky Royalty with a team led by Alyson Goldman that included Jessica Brown and Matthew Hooker (Business).

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