Freehold Royalties Ltd. completes C$373m bought deal financing and acquisitions

May 6, 2015

Client: RBC Capital Markets

On May 6, 2015, Freehold Royalties Ltd. ("Freehold"), a company whose primary focus is on acquiring and managing oil and gas royalties, closed its $321 million (subsequently adjusted to $318 million and subject to further post-closing adjustments) acquisitions of royalty production and mineral title lands from Penn West Petroleum Ltd. (the "Penn West Transactions").

In conjunction with the closing of the Penn West Transactions, Freehold also completed its bought deal financing, issuing 20,700,000 common shares at a price of $18.00 per share (the "Issue Price") for gross proceeds of approximately $373 million, which included the full exercise of the over-allotment option granted to the underwriters. The bought deal offering was completed through a syndicate of underwriters co-led by RBC Capital Markets and CIBC.

Norton Rose Fulbright acted for the underwrites on all aspects of the bought deal offering.  The team was led by Marcus Archer and included Darren Huepelsheuser, Robert Froehlich, Brian Milne, Anna Wingfield, Cameron Greaves, Kyle Johnson and Renee Gilead.