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Hardwoods Announces Closing of C$50 Million Bought Deal Subscription Receipt Offering and Provides an Update on the Acquisition of Rugby Architectural Building Products
Hardwoods Announces Closing of C$50 Million Bought Deal Subscription Receipt Offering and ...
About this update from Adentra Inc
[{"type":"text","content":"\n\n\n\nHardwoods Announces Closing of C$50 Million Bought Deal Subscription Receipt Offering and Provides an Update on the Acquisition of Rugby Architectural Building Products\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n\n\n\n\n\n\nHardwoods Announces Closing of C$50 Million Bought Deal Subscription Receipt Offering and Provides an Update on the Acquisition of Rugby Architectural Building Products\nCanada NewsWire\nLANGLEY, BC, June 30, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nLANGLEY, BC, June 30, 2016 /CNW/ - Hardwoods Distribution Inc. (\"Hardwoods\" or the \"Company\") (TSX: HWD) has closed its previously announced bought deal public offering of subscription receipts (the \"Subscription Receipts\") through a syndicate of underwriters led by Cormark Securities Inc. (the \"Lead Underwriter\") and including Canaccord Genuity Corp., CIBC World Markets Inc., Mackie Research Capital Corp. and Acumen Capital Finance Partners Limited (collectively, the \"Underwriters\"). The Company issued an aggregate of 3,449,000 Subscription Receipts at a price of $14.50 per Subscription Receipt, for aggregate gross proceeds to Hardwoods of $50,010,500 (the \"Offering\"). \n\nThe Company has granted the Underwriters an option (the \"Over-Allotment Option\") to purchase up to an additional 517,350 Subscription Receipts (or, in certain circumstances, Common Shares (as defined below)) at a price of $14.50 per Subscription Receipt (or, in certain circumstances, Common Shares) exercisable in whole or in part at any time until the earlier of: (i) 30 days following the date hereof; and (ii) the occurrence of a Termination Event (as defined below), for market stabilization purposes and to cover over-allotments, if any.\n\nThe gross proceeds from the sale of the Subscription Receipts less 50% of the Underwriters' commission (the \"Escrowed Proceeds\") will be held by the escrow agent pending, among other things, the satisfaction or waiver of all conditions precedent to completing the Compan...