March 21, 2017
Earlier this month, Gowling WLG-client Persta Resources Inc. completed its listing and concurrent initial public offering on the main board of the Hong Kong Stock Exchange, the second Canadian oil and gas company to do so — and the first since 2012.
A team led by Calgary partner Bennett Wong advised on Persta’s March 10 offering of 69,580,000 common shares at HK$3.16 per share for gross proceeds of approximately HK$2.2 billion (CDN$38 million).
“For other industry players in Alberta’s oil patch, this transaction is particularly significant as it underscores the viability of accessing the dynamic capital markets in Hong Kong, China and Asia generally,” said Wong.
Other professionals involved in the transaction include Melanie Condic, Riley Dearden and Alisha Virk (corporate finance), Tom Cumming and Elizabeth Burton (financial services), Brian Kearl (tax), Tricia Chrzanowski (oil and gas) and Timothy Bailey (intellectual property).
Persta is a Calgary-based oil and natural gas exploration, production and development company focused on liquids-rich gas and light crude oil in Western Canada. Its operations comprise three core areas: Alberta Foothills liquids-rich natural gas properties, Deep Basin Devonian natural gas properties and Peace River light oil properties.
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