Each one in plain English, with the numbers worked through for a shareholder.
29 Nov 2016capital raising announcement▲ GoodMajor
Advantage's board approved a 2017 capital budget of $205 million targeting 17% production growth to 236 mmcfe/d, and upsized the planned Glacier gas plant expansion from 350 to 400 mmcf/d, with construction planned for the second half of 2017 and completion expected by Q2 2018. Management's 2018-2019 estimates (not board-approved budgets) target 316 mmcfe/d in 2019, $625 million total capex fully funded by cash flow, and total debt falling from about $165 million at year-end 2016 to $55 million by year-end 2019 (at $2.95/mcf AECO). This continues the Glacier expansion thread funded partly by the March 2016 equity raise.
8 Mar 2016capital raising announcement● NeutralMajor
Advantage closed a bought-deal share offering of 13,427,075 common shares at $7.45 each for gross proceeds of $100,031,709, including 1,677,075 shares from a partial over-allotment exercise. Proceeds will first reduce bank debt, then be redrawn to fund Glacier Montney development, the next Glacier gas plant expansion, possible acquisitions and general purposes. For existing shareholders this adds new shares (dilution), and it is the first equity raise in this history since the 2014 Longview sale proceeds.
28 Feb 2014capital raising announcement● NeutralMajor
Advantage closed the sale of all 21,150,010 of its Longview shares at $4.45 each for gross proceeds of $94,117,544.50 and no longer owns any Longview shares. This ends the Longview stake (about 45% after the May 2012 sale); the filing does not state how the proceeds will be used.
22 May 2012capital raising announcement▲ GoodMajor
Advantage closed the sale of 8.3 million Longview Oil Corp. shares at $9.00 each for gross proceeds of $74.7 million, through underwriters led by RBC Capital Markets and FirstEnergy Capital. It still owns about 21.15 million Longview shares, roughly 45.2%. Proceeds first reduce bank debt and are then intended to fund delineation drilling and development of the liquids rich Middle Montney at Glacier, which continues the Phase IV work reported in March.
8 June 2010capital raising announcement▲ GoodMajor
Advantage closed the sale of non-core, natural gas weighted assets in South Eastern Alberta (first referenced in a May 10, 2010 release) for gross cash proceeds of $67 million, subject to customary adjustments. The proceeds reduced bank debt under the credit facility, which may be redrawn for future capital spending and general corporate purposes. This follows the 2009 Package One and Two sales.
28 July 2009capital raising announcement▲ GoodMajor
Advantage closed the sale of its 'Package One' assets for gross proceeds of $176 million (effective April 1, 2009, subject to customary adjustments), the companion to the Package Two sale closed on July 16. Proceeds reduced bank debt, which may be redrawn for future capital spending and general corporate purposes.
17 July 2009capital raising announcement▲ GoodMajor
Advantage closed the sale of its 'Package Two' assets for gross proceeds of $76.6 million (effective April 1, 2009, subject to customary adjustments). The proceeds reduced bank debt under its credit facility, which may be redrawn later for capital spending and general corporate purposes.
