CALGARY - Cirrus Energy Corp. (TSXV:CYR) plans to raise about $45 million through a syndicated equity financing announced Monday by the oil and gas company.

Cirrus said it will issue 14.29 million common shares at $3.15 per share through a bought deal.

Cormark Securities Inc. and other underwriters will also have an option to purchase up to an additional 2.14 million common shares to cover any over-allotments for additional gross proceeds of up to $6.75 million.

Cirrus Energy Corp., an international company headquartered in Calgary, currently has just under 79 million fully diluted common shares outstanding.

If the all shares under the bought deal and option agreements are added to the public float, there will be an 22 per cent more Cirrus shares outstanding.

Cirrus shares were down 29 cents or 8.4 per cent at $3.16 in midday trading Monday on the TSX Venture Exchange.