Persta Resources Inc’s CDN$38 million Initial Public Offering

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).

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.

Other professionals involved in the transaction include Melanie Condic (Picture), 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).

Involved fees earner: Bennett Wong – Gowling WLG; Melanie Condic – Gowling WLG; Riley Dearden – Gowling WLG; Alisha Virk – Gowling WLG; Elizabeth Burton – Gowling WLG; Brian Kearl – Gowling WLG; Tricia Chrzanowski – Gowling WLG; Timothy Bailey – Gowling WLG;

Law Firms: Gowling WLG;

Clients: Persta Resources Inc.;

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Author: Ambrogio Visconti