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This photo taken on Thursday, Jan. 19, 2012, near Frederick, Colo., shows an oil pump jack working on a property across from a subdivision.
This photo taken on Thursday, Jan. 19, 2012, near Frederick, Colo., shows an oil pump jack working on a property across from a subdivision.
(Ed Andrieski/AP)

Gear Energy files for basic public listing, will not IPO

For the past few months there have been a lot of eyes on Gear Energy, the heavy oil project backed by Don Gray and former ARC Resources veterans. After management announced in August that they were looking to go public, one question was on everyone’s lips: Would it be through a traditional IPO?

That question’s been answered, but probably not to everyone’s satisfaction – especially not to private backers who are looking to exit their positions. Gear just filed a prospectus, but it’s a “non-offering” document, which means the company won’t raise money while going public. It’s simply looking to list its shares on the Toronto Stock Exchange, effectively moving them from the private grey market onto a public exchange.