Business
Crown Capital Partners Announces Completion of Initial Public Offering
/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES...
About this update from Crown Capital Partners, Inc.
[{"type":"text","content":"\n\n/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES AND DOES NOT CONSTITUTE AN OFFER OF THE SECURITIES DESCRIBED HEREIN/\n\n\n\nCALGARY, July 9, 2015 /CNW/ - Crown Capital Partners Inc. (\"Crown\" or the \"Corporation\") (TSX: CRN) today announced the completion of its previously announced initial public offering (the \"Offering\") of common shares of the Corporation (\"Common Shares\") through a syndicate of underwriters led by Cormark Securities Inc., BMO Capital Markets and National Bank Financial Inc. and including Canaccord Genuity Corp., Raymond James Ltd., AltaCorp Capital Inc. and Mackie Research Capital Corporation. An aggregate of 5,910,000 Common Shares were issued at an offering price of $11.00 per Common Share for total gross proceeds to the Corporation of $65,010,000.  Crown's Common Shares will begin trading today on the Toronto Stock Exchange under the symbol \"CRN\".\n\nCrown expects to use the net proceeds of the Offering as follows: (i) approximately $30 million will be used to purchase Crown's limited partnership interest in Crown Capital Fund IV, with a targeted ownership of 30% in Crown Capital Fund IV at its initial close; (ii) approximately $30 million will be used to fund Crown's Long-term Financing transactions and (iii) the balance will be used for working capital and general corporate and administrative purposes, including $0.35 million to be used to repay outstanding shareholder loans. Crown has granted to the underwriters an option, exercisable in whole or in part for a period of 30 days following the closing of the Offering, to purchase up to an additional 886,500 Common Shares at $11.00 per Common Share to cover over-allotments, if any, and for market stabilization purposes.  \n\nNo securities regulatory authority has either approved or disapproved of the contents of this press release. This press release shall not constitute an offer to sell or a solicitation of an offer to buy, which may be made only by means of the prospectus, nor shall there by any sale of the Common Shares in any state, province or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any state, province or jurisdiction. The Common Shares have not been and will not be...