The Toronto Stock Exchange reports that Peyto Exploration & Development Corp.'s subscription receipts will be listed at 5:01 p.m. on Sept. 25, 2023, for trading at the open on Sept. 26, 2023. According to the TSX, the subscription receipts will trade under the symbol PEY.R, in Canadian dollars and with Cusip No. 717046 30 4.

As stated in its short form prospectus dated Sept. 19, 2023, the company is issuing 16,916,500 subscription receipts at $11.90 per subscription receipts in a public offering that is expected to close before the open on Sept. 26, 2023. The transfer agent and registrar is Computershare Trust Company of Canada at its principal offices in Calgary and Toronto, and the designated market-maker is Citadel Securities Canada ULC.

According to the TSX, upon the occurrence of the escrow release time, each subscription receipt will automatically convert into one common share of the corporation (symbol PEY). If the release time does not occur prior to 5 p.m. Calgary time on March 31, 2024, the company advises the co-lead underwriters in writing or announces to the public that it does not intend to proceed with the acquisition, or the agreement is terminated (each a termination event), the holders of subscription receipts will be entitled to receive an amount equal to the termination payment.

The TSX reports that holders of the subscription receipts shall be entitled to receive payments per subscription receipt equal to the per-share cash dividends, if any, actually paid or payable to shareholders in respect of all record dates for such dividends occurring from the closing date to, but excluding, the last day on which the subscription receipts remain outstanding, to be paid to holders of subscription receipts concurrently with the payment date of each such dividend on the outstanding shares.

In the event the release time or termination date occurs following a record date for a dividend declared on the shares but before the payment date of such dividend, the holders of subscription receipts of record as of such record date shall be entitled to be paid the dividend equivalent payment, with payment occurring on the payment date of such dividend declared on the shares. In the event of a termination time, if no dividend equivalent payments (including any pro rata dividend equivalent payments) have been paid or are payable to the holders of subscription receipts, such holders will be entitled to receive, in addition to the full subscription price of such holders' subscription receipts, such holders' pro rata shares of any interest earned or income generated on the escrowed funds. It is expected that the first dividend equivalent payment that holders of the subscription receipts will be eligible to receive is in connection with the 11-cent-per-share dividend payable on Oct. 13, 2023, to shareholders of record as of Sept. 30, 2023.

According to the TSX, the subscription receipts will be listed and posted for trading until the earlier of the completion of the acquisition or a termination event. The TSX will issue a further bulletin to confirm the delisting of the subscription receipts.