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Atlas Engineered Products Ltd. Announces Upsizing of Private Placement Offering to $9.5 Million
Nanaimo, British Columbia--(Newsfile Corp. - June 18, 2024) - Atlas Engineered Products Ltd. (TSX...
About this update from Atlas Engineered Products Ltd.
[{"type":"text","content":"Atlas Engineered Products Ltd. Announces Upsizing of Private Placement Offering to $9.5 MillionNanaimo, British Columbia--(Newsfile Corp. - June 18, 2024) - Atlas Engineered Products Ltd. (TSXV: AEP) (OTC Pink: APEUF) (\"AEP\" or the \"Company\") is pleased to announce the upsize of its previously announced brokered private placement offering (the \"Concurrent Private Placement\") of common shares (the \"Private Placement Shares\") in the capital of the Company to up to 7,074,100 Private Placement Shares of the Company at a price of $1.35 per Private Placement Share (the \"Issue Price\") for aggregate gross proceeds to the Company of up to $9,550,035. The Private Placement is being conducted by a syndicate led by Beacon Securities Limited (\"Beacon\") and including Clarus Securities Inc., Comark Securities Inc., and Echelon Wealth Partners Inc. (together with Beacon, the \"Underwriters\").In addition to the Concurrent Private Placement, the Company and the Underwriters also intend to complete a bought deal private placement of 2,963,000 common shares of the Company (the \"Offered Shares\"), pursuant to Part 5A (the \"Listed Issuer Financing Exemption\") of National Instrument 45-106 - Prospectus Exemptions at the Issue Price for gross proceeds of $4,000,050 (the \"Offering\"). In connection with the Offering, the Company has granted the Underwriters, an option (the \"Underwriters' Option\"), exercisable, in whole or in part by Beacon by giving notice to the Company at any time up to 48 hours prior to the Closing Date (as defined below) to purchase up to an additional 741,000 Offered Shares at the Issue Price for additional gross proceeds of up to $1,000,350. The Private Placement Shares will be offered for sale to purchasers resident in Canada and other qualifying jurisdictions. Any Private Placement Shares issued under the Concurrent Private Placement will be subject to a four-month hold period in Canada.The closing of the Offering and the Concurrent Private Placement is anticipated to occur on or about June 26, 2024 (the \"Closing Date\") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the conditional approval of the TSX Venture Exchange (the \"TSXV\"). Closing of the Offering is not conditional upon the closing of the Concurrent Private Placement.The securit...