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COMMON SHARE CAPITAL (Tables)
 12 Months Ended
Dec. 31, 2017
COMMON SHARE CAPITAL  
Schedule of common share transactions

 

 

 

Years ended
December 31, 2017

 

Year ended
December 31, 2016

 

 

 

Number of shares

 

Amount

 

Number of shares

 

Amount

 

 

 

(000’s)

 

 

 

(000’s)

 

 

 

Common shares

 

 

 

 

 

 

 

 

 

Balance at January 1,

 
1,245,050

 

$
14,894.2

 
1,146,540

 

$
14,603.5

 

Equity issuance (a)

 

—

 

—

 
95,910

 
275.7

 

Under share option and restricted share plans

 
1,954

 
8.3

 
2,600

 
15.0

 

 

 

 

 

 

 

 

 

 

 

Balance at end of period

 
1,247,004

 

$
14,902.5

 
1,245,050

 

$
14,894.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total common share capital

 

 

 

$
14,902.5

 

 

 

$
14,894.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(a)

On March 4, 2016, the Company completed a public equity offering of 83.4 million common shares at a price of $3.00 per common share for gross proceeds of approximately $250.0 million.  On March 15, 2016, the underwriters elected to exercise an option to purchase up to an additional 15% of the offering to cover over-allotments, and as a result, an additional 12.5 million common shares were issued at a price of $3.00 per common share.  The sale was completed on March 18, 2016 and increased the gross proceeds from the offering to $287.7 million.  Transaction costs of $12.0 million resulted in net proceeds of $275.7 million.