Gowling WLG advises Persta Resources on Initial Public Offering and Listing on the Main Board of the Hong Kong Stock Exchange

2 minute read
10 March 2017

On March 10, 2017, Persta Resources Inc. completed its listing on the Main Board of the Hong Kong Stock Exchange and a concurrent initial public offering of 69,580,000 common shares at a price of HK$3.16 per share for gross proceeds of approximately HK$2.2 billion (approximately CDN$38-million). This transaction is of particular significance to Alberta's oil patch as it marks the first IPO and listing in Hong Kong Special Administrative Region of China by a Canadian oil and gas company since 2012, showcasing Gowling WLG's unique expertise in this specialized area and knowledge in the Asian capital markets.

Persta is a Calgary-based oil and natural gas exploration, production and development company focusing on liquids-rich gas and light crude oil in Western Canada with three core areas and comprising Alberta Foothills liquids-rich natural gas properties, Deep Basin Devonian natural gas properties and Peace River light oil properties.

Gowling WLG advised Persta with a team led by Bennett Wong that included 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).

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