Offer conducted through joint bookrunners Roth Capital, Euro Pacific
By Devika Patel
Knoxville, Tenn., March 6 - Neptune Technologies & Bioressources Inc. said the underwriters for its public sale of stock opted to exercise the deal's $3.75 million greenshoe in full, lifting total proceeds to $28.75 million. The deal priced for $25 million with the greenshoe on Feb. 28.
The company sold 11.5 million common shares at $2.50 apiece. The price per share is a 16.11% discount to the Feb. 27 closing share price of $2.98. Of the shares, 1.5 million were part of the fully exercised greenshoe.
Roth Capital Partners and Euro Pacific Canada Inc. were the joint bookrunning managers.
Proceeds will be used for sales, marketing and distribution of the company's krill oil products, to support subsidiary NeuroBioPharm Inc., for the start-up and ramp-up of the company's new production facility, to maintain, manage and develop the company's intellectual property portfolio and for general corporate and other working capital purposes.
Based in Laval, Quebec, Neptune Technologies develops nutritional products from marine biomasses.
| Issuer: | Neptune Technologies & Bioressources Inc
|
| Issue: | Common shares
|
| Amount: | $28.75 million, including $3.75 million greenshoe
|
| Shares: | 11.5 million
|
| Price: | $2.50
|
| Warrants: | No
|
| Bookrunners: | Roth Capital Partners and Euro Pacific Canada Inc.
|
| Lead manager: | National Securities Corp.
|
| Pricing date: | Feb. 28
|
| Settlement date: | March 6
|
| Stock symbol: | Nasdaq: NEPT
|
| Stock price: | $2.98 at close Feb. 27
|
| Market capitalization: | $164.24 million
|
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