C&C Energy IPO Nears Close

Canadian oil and gas company C&C Energy, which operates in Colombia, expects to close its IPO on the TSX this week, CFO Ken Hillier tells LatinFinance. The company expects to raise CAD65m, or CAD8.50 per share, plus another CAD35m in a secondary offering. Proceeds from the secondary sale will go to shareholder Denham Commodity Partners, Hillier explains. He also says proceeds of the IPO will go to fund a portion of the company’s 2010 CAD90m capital program, which includes drilling on existing properties, expanding facilities and pipelines, acquiring new seismic and geological data and potential acquisitions of new land and projects in Colombia. Hillier says the company, which will be renamed C&C Energia after the IPO, will be participating in the National Hydrocarbon Agency’s June bidding round in Colombia. The underwriters of the IPO are FirstEnergy Capital, GMP Securities, Canaccord Genuity, Cormark Securities, Haywood Securities, Macquarie and Scotia.