CALGARY , Nov. 15, 2019 /CNW/ - Paramount Resources Ltd. (ʺParamountʺ or the "Company") is pleased to announce that it has completed a non-brokered private placement of 5,648,499 class A common shares (ʺSharesʺ) at a price of $6.65 per share for total proceeds of $37,562,518 . The Shares were issued on a "flow-through" basis in respect of Canadian development expenses.
3,750,000 of the Shares were issued to an entity controlled by James H.T. Riddell , Paramount's Chairman and President and Chief Executive Officer. The remaining Shares were issued to third party subscribers.
Paramount will use the proceeds of the offering to prefund a portion of its 2020 development program in Karr and Wapiti.
Paramount is an independent, publicly traded, liquids-focused Canadian energy company that explores for and develops both conventional and unconventional petroleum and natural gas resources. The Company also pursues long-term strategic exploration and pre-development plays and holds a portfolio of investments in other entities. The Company's principal properties are located in Alberta and British Columbia . Paramount's Class A common shares are listed on the Toronto Stock Exchange under the symbol "POU".
SOURCE Paramount Resources Ltd.
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