Deal funds growth initiatives, working capital and corporate purposes
By Devika Patel
Knoxville, Tenn., April 21 – Savaria Corp. said it will conduct a C$12.5 million private placement of units. Cormark Securities Inc., the lead underwriter, has a C$1.88 million greenshoe.
The company will sell 2.5 million common shares at C$5.00 per share on a bought-deal basis. The price per share reflects an 8.26% discount to the April 20 closing share price of C$5.45.
Settlement is expected May 13.
Proceeds will be used for growth initiatives, general corporate and working capital purposes.
Based in Laval, Quebec, Savaria distributes mobility products for the physically challenged.
| Issuer: | Savaria Corp.
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| Issue: | Common stock
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| Amount: | C$12.5 million
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| Greenshoe: | C$1,875,000
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| Shares: | 2.5 million
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| Price: | C$5.00
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| Warrants: | No
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| Underwriter: | Cormark Securities Inc. (lead)
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| Pricing date: | April 21
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| Settlement date: | May 13
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| Stock symbol: | Toronto: SIS
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| Stock price: | C$5.45 at close April 20
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| Market capitalization: | C$158.79 million
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