• Valeura is raising C$10 mm through a bought deal priced at C$2.54 per share. • While the additional cash was arguably not required, we understand that the board of Valeura decided to accept the bought deal to provide an additional cash buffer in the interim period prior to the closing of the acquisition of the Mubadala asset and prior to first oil at Wassana (both in 1Q23). • It took over a year to sign the SPA with Mubadala for the Thai assets, which was much longer than initially anticipated ....