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CALGARY, AB , March 29, 2022 /CNW/ - (TSX: RBY) Rubellite Energy Inc. ("Rubellite" or the "Company"), a pure play Clearwater oil exploration and development company, is pleased to announce it has closed its previously announced upsized bought deal and non-brokered private placement financings of common shares (the "Common Shares") for aggregate gross proceeds of $38,744,061 .
Pursuant to the bought deal offering (the "Offering"), Rubellite issued 7,130,000 Common Shares, including 930,000 Common Shares issued pursuant to the exercise in full of the over-allotment option granted to the underwriters. The Common Shares were issued at a price of $3.55 per Common Share for total gross proceeds of $25,311,500 . The Offering was made through a syndicate of underwriters led by Peters & Co. Limited that included BMO Nesbitt Burns Inc., ATB Capital Markets Inc., Stifel Nicolaus Canada Inc., Cormark Securities Inc. and Raymond James Ltd.
Concurrently with the Offering, Rubellite also closed a non-brokered private placement in which certain directors, officers and employees of the Company and Perpetual Energy Inc. and their respective associates and relatives purchased 3,783,820 Common Shares at a price of $3.55 per Common Share for gross proceeds of $13,432,561 .
About Rubellite
Rubellite is a Canadian energy company engaged in the exploration, development and production of heavy crude oil from the Clearwater formation in Eastern Alberta , utilizing multi-lateral drilling technology. Rubellite has a pure play Clearwater asset base and is pursuing a robust growth plan focused on superior corporate returns and free funds flow generation while maintaining a conservative capital structure and prioritizing ESG excellence. Additional information on Rubellite can be accessed at the Company's website at www.rubelliteenergy.com and on SEDAR at www.sedar.com .
The Toronto Stock Exchange has neither approved nor disapproved the information contained herein.
SOURCE Rubellite Energy Inc.
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