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HDI Announces $87.5 Million Public Offering of Common Shares
HDI Announces $87.5 Million Public Offering of Common Shares Canada NewsWire ...
About this update from Adentra Inc
[{"type":"text","content":"\n \n \n \n HDI Announces $87.5 Million Public Offering of Common Shares\n \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 \n Canada NewsWire\n \n \n \n \n \n /NOT FOR DISTRIBUTION TO\n \n UNITED STATES\n \n NEWSWIRE SERVICES OR FOR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n \n LANGLEY, BC\n \n ,\n \n Nov. 16, 2021\n \n /CNW/ - Hardwoods Distribution Inc. (TSX: HDI) (\"\n \n HDI\n \n \" or the \"\n \n Company\n \n \") today announced that it has entered into an agreement with Cormark Securities Inc. and National Bank Financial Inc., acting as co-leads and joint bookrunners, on behalf of a syndicate of underwriters (collectively, the \"\n \n Underwriters\n \n \"), pursuant to which the Underwriters have agreed to purchase 2,023,200 common shares (the \"\n \n Common Shares\n \n \") from the treasury of the Company, at a price of\n \n $43.25\n \n per Common Share and offer them to the public by way of a short form prospectus for total gross proceeds of approximately\n \n $87.5 million\n \n (the \"\n \n Offering\n \n \").\n \n \n In addition, the Company has granted the Underwriters an option (the \"\n \n Over-Allotment Option\n \n \") to purchase up to an additional 15% of the Common Shares of the Offering on the same terms exercisable at any time up to 30 days following the closing of the Offering, for market stabilization purposes and to cover over-allotments, if any.\n \n \n The net proceeds of the Offering shall be used to repay certain indebtedness of the Company and for working capital and general corporate purposes.\n \n \n Closing of the Offering is expected to occur on or about\n \n December 7\n \n , 2021 and is subject to customary closing conditions and regulatory approvals, including that of the Toronto Stock Exchange (the \"\n \n TSX\n \n \").\n \n \n The Common Shares to be issued under the Offering will be offered by way of a short form prospectus in each of Provinces of\n \n Canada\n \n , and may be offered in\n \n the United States\n \n on a private placement basis pursuant to an exemption from th...