On June 12, 2024, Advantage Energy Ltd. announced a $190 million financing to partially fund its $450 million acquisition of oil and gas assets from Longshore Resources Ltd., expected to close by June 30, 2024. The financing included $65.01 million from 5,910,000 subscription receipts at $11.00 per receipt, each convertible into one common share upon deal closing, and $125 million from 5.0% extendible convertible unsecured subordinated debentures. The remaining acquisition cost will be funded through new credit facilities and cash on hand. The assets, located in Alberta and British Columbia, include 14,100 boe/d of production, 166,000 net acres, and key infrastructure.

The offering was underwritten by TD Securities Inc., Scotia Capital Inc., National Bank Financial Inc., RBC Dominion Securities Inc., CIBC World Markets Inc., ATB Securities Inc., Cormark Securities Inc., Peters & Co. Limited, BMO Nesbitt Burns Inc., Stifel Nicolaus Canada Inc., and Desjardins Securities Inc. Legal counsel included Burnet, Duckworth & Palmer LLP for Advantage, Blake, Cassels & Graydon LLP for the underwriters, Paul, Weiss, Rifkind, Wharton & Garrison LLP for U.S. legal matters, and Skadden, Arps, Slate, Meagher & Flom LLP for the underwriters.

The subscription receipts and debentures are conditionally approved for listing on the Toronto Stock Exchange (TSX).