The Alberta Investment Management Corp. has entered into a strategic financing relationship with Journey Energy Inc., a Canadian exploration and production company.
Journey has completed a private placement of 30,000 units to the pension fund at a price of $1,000 per unit for an aggregate gross of $30 million. Each unit is comprised of one promissory note with a value of $1,000 per note and bearing interest at 7.65 per cent per year, according to a press release. The notes mature on Oct. 31, 2020 and all or a portion of the principal amount outstanding can be repaid without penalty after two years.
“On behalf of our clients, AIMCo is pleased to be making another investment in Alberta through this important commitment to Journey Energy,” said Kevin Uebelein, AIMCo’s chief executive officer. “We believe that the combination of Journey’s highly-experienced executive team and diversified portfolio, position the company well for future growth.”