Offer will be conducted through joint bookrunners RBC Capital and JMP
By Devika Patel
Knoxville, Tenn., Sept. 25 - Neptune Technologies & Bioressources Inc. said it priced a $30 million public sale of stock with a $4.5 million greenshoe.
The company will sell 7,318,000 common shares at $4.10 apiece. The price per share is an 8.28% discount to the Sept. 24 closing share price of $4.47.
RBC Capital Markets and JMP Securities LLC are the joint bookrunning managers.
Settlement is expected Oct. 2.
Proceeds will be used for sales, marketing and krill inventory purchases, development and validation of product candidates, expansion of the Sherbrooke plant, product development, clinical trials and regulatory affairs and general corporate and other working capital purposes.
Based in Laval, Quebec, Neptune Technologies develops nutritional products from marine biomasses.
Issuer: | Neptune Technologies & Bioressources Inc
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Issue: | Common shares
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Amount: | $30,003,800
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Greenshoe: | $4,500,570
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Shares: | 7,318,000
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Price: | $4.10
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Warrants: | No
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Bookrunners: | RBC Capital Markets and JMP Securities LLC
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Co-managers: | Byron Capital Markets and John Thomas Financial
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Pricing date: | Sept. 25
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Settlement date: | Oct. 2
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Stock symbol: | Nasdaq: NEPT
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Stock price: | $4.37 at close Sept. 24
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Market capitalization: | $214.24million
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