Canada's Savanna Energy Services Corp (SVY.TO) said it would raise C$110.3 million ($96 million) by way of a bought-deal financing to pay down the company's bank debt and for general corporate purposes.
The contract drilling and oilfield services company said a syndicate of underwriters led by Peters & Co Ltd agreed to buy 17.5 million common shares of the company at a price of C$6.30 a share.
The underwriters have an option to buy an additional 15 percent of the issue to cover over-allotments. If the option is exercised in full, the gross proceeds will be C$126.8 million.
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