Oil sands firm MEG Energy raising 800million in financing deals

CALGARY — MEG Energy Corp. announced a pair of financing deals Monday to raise a total of $800-million, including one with the Caisse de depot et placement du Quebec.The agreements came as the oil sands company said it planned $1.9-billion in capital spending next year including some $90-million in deferred capital spending from 2012.MEG said the spending will include about $480-million on its RISER initiative to increase near-term production.Production for 2013 is expected to be 32,000 to 35,000 barrels per day, up from its guidance of 26,000 to 28,000 for 2012.The company set a target of 20% for production growth compared with 2012 and a goal of ending 2013 with production rate of 37,000 to 43,000 barrels per day.To help pay for the capital plan, MEG said it has agreed to sell nearly 12.13 million shares to a syndicate of underwriters for $33 per share and another 12.12 million shares to the Caisse de depot et placement du Quebec for the same price.The underwriters have also been granted an over-allotment option for up to an additional 1.8 million shares. If the option is fully exercised, MEG would raise an additional $60-million.The deal with the Caisse, an existing shareholder of the company, will bring its stake in MEG to about 9%, not including the over-allotment option.MEG shares were down $1.07 or about 3% at $33.65 on the Toronto Stock Exchange on Monday.The company, which has oilsands operations in the southern Athabasca region in Alberta, was one of several smaller players in the industry to see its shares fall in the face of new foreign takeover rules announced by Ottawa last week.Prime Minister Stephen Harper, in approving the takeover of Nexen Inc. by Chinese company CNOOC, set out new rules that said state-owned enterprises would not be permitted to buy any more Canadian oilsands companies, except in exceptional circumstances. read more

BlackBerry Ltd expects a US500million tax refund within a year

TORONTO — BlackBerry Ltd. expects to receive a US$500-million tax rebate within the next year, according to a recent report filed with regulators.[np_storybar title=”Rogers won’t stock BlackBerry’s new Z30 phone when it’s released later this month” link=”https://business.financialpost.com/2013/10/03/blackberry-ltd-rogers-wont-stock-new-z30-phone-when-its-released-later-this-month/”%5D BlackBerry says its latest smartphone will arrive in Canadian stores later this month, but it won’t have the support of one of the country’s largest carriers — Rogers.Rogers’ decision not to stock the Z30 touchscreen model, which will become available in Canada on Oct. 15, comes as a surprise since the Toronto-based wireless and cable company was an early adopter of BlackBerry products.Continue reading. [/np_storybar]The Waterloo, Ont.-based smartphone maker expects to receive the money by the end of next August, when the second quarter of the company’s 2015 financial year ends.The documents were not clear on whether the bulk of the tax refund would come from Canada, where the global smartphone company is based, or another jurisdiction.It’s common for companies with big losses to seek and receive tax refunds.Last week, BlackBerry booked a US$965-million loss for the second quarter of its 2014 financial year, mostly due to a writedown of inventory.More details on BlackBerry’s financial situation have come to light since it made a regulatory filing earlier this week.Among other things, the documents indicate BlackBerry expects to book US$400-million in charges from a variety of factors before the end of May 2014.Those expenses will cover costs associated with the previously announced layoffs of 4,500 employees, the reworking of its smartphone lineup and other changes to its manufacturing, sales and marketing operations, it said.Earlier this year, BlackBerry said it would likely book $100-million in charges through its 2014 financial year, which ends on March 1.But the company’s financial results have weakened, amid poor sales of its BlackBerry Z10 touchscreen phones, and the company is restructuring and looking for a buyer.On Friday morning, BlackBerry shares rose a penny to $7.98 on the Toronto Stock Exchange. read more