Non-brokered deal conducted alongside C$35 million public stock sale
By Devika Patel
Knoxville, Tenn., May 31 – Clearwater Seafoods Inc. said it will raise C$15.01 million in a non-brokered private placement of stock.
The company will sell common shares at C$13.90 apiece, a 4.07% discount to the May 30 closing share price of C$14.49.
The company also plans to raise C$35 million on a bought-deal basis through a public sale of 2,518,000 shares at the same price per share, conducted by a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Ltd. and Scotia Capital Inc. The public sale has a C$5.25 million greenshoe.
Settlement of both offerings is expected June 21.
Proceeds will be used for repayments on revolving debt facilities, growth opportunities, working capital and general corporate purposes.
The harvester, processor and distributor of shellfish is based in Halifax.
| Issuer: | Clearwater Seafoods Inc.
|
| Issue: | Common shares
|
| Amount: | C$15,012,000
|
| Shares: | 1.08 million
|
| Price: | C$13.90
|
| Warrants: | No
|
| Underwriter: | Non-brokered
|
| Pricing date: | May 31
|
| Settlement date: | June 21
|
| Stock symbol: | Toronto: CLR
|
| Stock price: | C$14.49 at close May 30
|
| Market capitalization: | C$879 million
|
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