Cequence Energy Ltd. (TSX:CQE) announced a private placement of approximately 17,200,000 common shares at a price of CAD 0.65 per share for gross proceeds of CAD 11,180,000 on May 23, 2019. The company has signed subscription agreement with the investors. The transaction will include participation from term loan debt holders including individual investor, G.A. Cumming. The shares will be issued on a flow-through basis. Post-closing of the proposed debt restructuring transaction, private placement and credit facility renewal update, G.A. Cumming will hold approximately 25% stake in the company. Post-closing of the transaction, the company will have approximately 41,800,000 common shares outstanding. The transaction is subject to shareholder approval at its annual and special general meeting on June 27, 2019.