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Hardwoods Announces Full Exercise of Over-Allotment Option
Hardwoods Announces Full Exercise of Over-Allotment Option Hardwoods Announces Ful...
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[{"type":"text","content":"\n\n\n\nHardwoods Announces Full Exercise of Over-Allotment Option\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 Full Exercise of Over-Allotment Option\nCanada NewsWire\nLANGLEY, B.C., June 8, 2016\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nLANGLEY, B.C., June 8, 2016 /CNW/ - Hardwoods Distribution Inc. (\"Hardwoods\" or the \"Company\") (TSX: HWD) announced today that it issued an aggregate of 517,350 subscription receipts (each a \"Subscription Receipt\") at a price of $14.50 per Subscription Receipt for aggregate gross proceeds to Hardwoods of C$7,501,575 following the full exercise of the over-allotment option (the \"Over-Allotment Option\") by 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\"). Hardwoods granted the Over-Allotment Option to the Underwriters as part of the Company's offering of 3,449,000 Subscription Receipts, which closed on June 30, 2016 (the \"Offering\"). The exercise of the Over-Allotment Option has increased the total gross proceeds from the Offering to C$57,512,075. Hardwoods intends to use the net proceeds received from the exercise of the Over-Allotment Option for general corporate purposes. \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 Company's previously announced acquisition (the \"Acquisition\") of substantially all of the assets used in the business of Rugby Acquisition, LLC and its subsidiaries, collectively doing business as \"Rugby Architectural Building Products\" (collectively, \"Rugby\"), other than the payment of the purchase price and such other conditions that by their nat...