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Diversified Royalty Corp. Announces $30 Million Bought Deal Public Offering of Common Shares
Diversified Royalty Corp. Announces $30 Million Bought Deal Public Offering of Common Shar...
About this update from Diversified Royalty Corp.
[{"type":"text","content":"\n\n\n\nDiversified Royalty Corp. Announces $30 Million Bought Deal Public Offering of Common Shares\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\nCanada NewsWire\nVANCOUVER, Feb. 18, 2020\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n VANCOUVER, Feb. 18, 2020 /CNW/ - Diversified Royalty Corp. (TSX: DIV and DIV.DB) (the \"Corporation\" or \"DIV\") is pleased to announce that it has entered into an agreement with a syndicate of investment dealers led by Cormark Securities Inc. (collectively, the \"Underwriters\") pursuant to which the Underwriters have agreed to purchase 9,400,000 Common Shares (the \"Common Shares\") from the treasury of the Corporation, at a price of $3.20 per Common Share (the \"Offering Price\") for total gross proceeds of approximately $30 million (the \"Offering\").\nIn addition, the Corporation has granted the Underwriters an option (the \"Over-Allotment Option\") to purchase up to an additional 1,410,000 Common Shares from the treasury of the Corporation at the Offering Price for additional gross proceeds of up to approximately $4.5 million for market stabilization purposes and to cover over-allotments, if any. The Over-Allotment Option is exercisable, in whole or in part, by the Underwriters at any time up to 30 days following the closing of the Offering.\nThe net proceeds of the Offering will be used for repayment of outstanding amounts under DIV's acquisition line following the completion of DIV's royalty transaction with Oxford Learning Centres, Inc., working capital and general corporate purposes, which may include the acquisition of additional royalties from DIV's existing royalty partners.\nClosing of the Offering is expected to occur on or about March 5, 2020 and is subject to customary conditions, including the receipt of all necessary regulatory approvals including that of the Toronto Stock Exchange (the \"TSX\").\nThe Common Shares to be issued under the Offering (including the Over-Allotment Option) will be offered by way of a short form pros...