Business
Empress Announces Upsize of Its Previously Announced Bought Deal Public Offering to C$15 Million
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED S...
About this update from Empress Royalty Corp
[{"type":"text","content":"Empress Announces Upsize of Its Previously Announced Bought Deal Public Offering to C$15 MillionNOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATESVANCOUVER, BC / ACCESSWIRE / March 17, 2021 / Empress Royalty Corp. (TSXV:EMPR)(OTCQB:EMPYF) (\"Empress\" or the \"Company\") is pleased to announce that due to significant demand, the Company has increased the gross proceeds of the previously announced bought deal public offering (the \"Offering\") from C$12 million to C$15 million. Under the revised Offering, the Underwriters have agreed to purchase for resale 30 million units of the Company (the \"Units\") at a price of C$0.50 per Unit (the \"Offering Price\") on a \"bought deal\" basis. Each Unit shall be comprised of one common share in the capital of the Company (each a \"Common Share\") and one half of one common share purchase warrant (each a \"Warrant\"). Each whole Warrant shall be exercisable into one common share (a \"Warrant Share\") at a price of C$0.75 at any time on or before the date which is 24 months after the closing date of the Offering. The revised Offering is being led by Red Cloud Securities Inc. and Canaccord Genuity Corp. acting as co-lead underwriters and joint bookrunners on behalf of a syndicate of underwriters including Mackie Research Capital Corp. (collectively, the \"Underwriters\").As part of the revised agreement, the Company has granted the Underwriters an over-allotment option, exercisable at any time up to 30 days from and including the closing date, to purchase for resale up to 4.5 million additional Units at the Offering Price to raise additional gross proceeds of up to C$2.25 million.The net proceeds from the Offering will be used for acquisitions and general corporate purposes. The Units will be offered pursuant to a base shelf prospectus dated February 4, 2021 and a prospectus supplement to be filed in all provinces of Canada with the exception of Quebec. The Offering is scheduled to close on or about March 25, 2021 and is subject to certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including the approval of the listing and trading of the Common Shares, Warrants and the Warrant Shares on the TSX Venture Exchange.In addition to the Offering, the Company is conducting a non-brokered priva...