By Sheri Kasprzak
New York, Dec. 1 - Savaria Corp. said it plans to raise C$5.25 million from a private placement.
The deal, which is being placed through a syndicate of agents led by GMP Securities LP, includes 2.5 million shares at C$2.10 each.
The syndicate, which also includes Acumen Capital Finance Partners and Octagon Capital Corp., has an over-allotment option for up to 250,000 shares.
Proceeds will be used for business development.
The deal is expected to close Dec. 15.
Separately, Savaria will conduct a non-brokered offering of 286,000 shares at the same price for C$600,600 in proceeds.
Based in Laval, Quebec, Savaria distributes mobility products for the physically challenged.
| Issuer: | Savaria Corp.
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| Issue: | Stock
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| Amount: | C$5.25 million
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| Shares: | 2.5 million
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| Greenshoe: | For 250,000 shares
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| Price: | C$2.10
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| Warrants: | No
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| Placement agents: | GMP Securities LP (lead); Acumen Capital Finance Partners; Octagon Capital Corp.
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| Pricing date: | Dec. 1
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| Settlement date: | Dec. 15
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| Stock price: | C$1.95 at close Nov. 30
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