Strad Energy in market-capitalization move

Strad Energy Services, a company that was founded and grew in Stettler, recently raised $40 million as it sold its first batch of publicly traded shares to help the company meet growing demands around North America.

The company’s 10 million shares, offered at $4 a share, began to be traded on the Toronto Stock Exchange on Tuesday, Nov. 23 under the symbol SDY.

“This is a significant corporate milestone, with the offering substantially funding our 2011 capital expenditure program and supporting the continued development of our business strategy,” said Henry van der Sloot, chief executive officer of Strad.

Funds raised with the over-allotment option – if any – will also be utilized to fund the corporation’s 2011 capital expenditure program for mainly rental equipment.

“This will increase our ability to get more demand for our products and services,” van der Sloot said.

One of North America’s fastest-growing companies with a diversified energy services portfolio, Strad focuses on providing oil field solutions to the oil and gas industry in western Canada and United States. The company’s Stettler area operation employs more than 100 people.

“This will strengthen our company and people will see that strength in Strad,” said van der Sloot.

“We will get more interest from people around North America.”

“We’ve been in a nice position to expand into British Columbia and the United States,” said van der Sloot.

Shares were offered through a process managed by a syndicate of investment dealers led by Raymond James Ltd. and included CIBC World Markets Inc, Macquarie Capital Markets Canada Inc. and Paradigm Capital Inc.

Strad has also authorized the investment dealers to offer an additional 1.5 million shares for sale for up to 30 days from the first trading day at the price of $4 per share to cover over-allotment, if any, and for market-stabilization purposes.

Just Posted

Stettler County campground broken into Nov. 13

Stettler RCMP looking for two suspects in B&E investigation

House fire blazes in Stettler Nov. 16

Stettler Fire Rescue responded to a house fire Nov. 16 at 72 St & 50 Ave. (Gregory Sylvester photo)

Stettler RCMP look for man who may have damaged power lines

Trailer hit overhead lines at Stettler service station in October

One man charged after Stettler RCMP answer stolen vehicle complaint

27 year old Jyles Uschenko is facing multiple charges

Semi collides with vehicle on Highway 2

Members of the Ponoka Integrated Traffic Unit dealt with a call on Highway 2 north of Ponoka

‘The Man We Never Knew’ Nov. 11 in Stettler

‘The Man We Never Knew’ was recited Nov. 11 while poppies rained down on the cenotaph.

Dead boy’s father posts Facebook response after Appeal Court upholds conviction

David, Collet Stephan were found guilty in their son Ezekiel’s 2012 death from bacterial meningitis

Media gets hands-on training with the Canadian military

Black Press reporter Kendra Wong goes ‘undercover’ in Victoria to learn how to be the best she can be

Bank of Canada cautious of future rate hikes

The Bank of Canada remains cautious on future rate hikes due to low- inflation risk

London theatre received allegations against Kevin Spacey

The theatre said Thursday the 20 allegations deal with incidents between 1995 and 2013.

Da Vinci’s Christ painting sells for record $450M

The painting, “Salvator Mundi,” Latin for “Savior of the World,” is one a few paintings by Leonardo known to exist

Loblaws closing 22 stores, launching home delivery ahead of ‘difficult year’

“We are excited about our future. But…we expect 2018 will be a difficult year,” said Galen G. Weston, Loblaw CEO.

Ban moves ahead in B.C. against same real estate agent for buyer and seller

New real estate consumer protection rules to take effect in March

Most Read