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Public Offerings and Private Placements

12 Months Ended

Dec. 31, 2019

Equity [Abstract]

Public Offerings and Private Placements

Public Offerings and Private Placements

The following table summarizes the issuances of common shares over the three years ended December 31, 2019:



Date	Number of Common Stock Issued ⁽¹⁾			Offering Price (Per Share) ⁽¹⁾				Gross Proceeds			Net Proceeds			Teekay's Ownership After the Offering			Use of Proceeds
January 2017	269,397		⁽²⁾		$18.56			5,000			5,000			25.7	%		General corporate purposes
May 2017	1,721,903		⁽³⁾		$15.04			25,897			25,897			31.4	%		Acquisition of controlling interest in TTOL
November 2017	11,122,193		⁽⁴⁾		$13.60			151,262			151,262			24.1	%		TIL Merger
Continuous offering program during 2017	475,000		⁽⁵⁾	$18.08 - $19.28				8,826			8,521			⁽⁵	⁾		General corporate purposes


(1)	Refer to note 1 for information regarding the Company's 2019 reverse stock split.


(2)	Represents Class A common shares issued in a private placement to Teekay. The gross proceeds were used for general corporate purposes, including to strengthen the Company's liquidity position and to delever its balance sheet.


(3)	Represents Class B common shares issued to Teekay as consideration for the Company's acquisition of the remaining 50% interest in TTOL, which shares had an approximate value of $25.9 million, or $15.04 per share, on the closing date of the transaction (note 4).


(4)	Represents Class A common shares issued to the shareholders of TIL as consideration for the Company's acquisition of the remaining 88.7% interest in TIL. The shares had an approximate value of $151.3 million, or $13.60 per share, on the closing date of the transaction (notes 7 and 24).


(5)	In January 2017, the Company re-opened its $80.0 million Continuous Offering Program. The portion of the Company's voting power and ownership held by Teekay at December 31, 2017 was 54.1% and 28.8% respectively.