Business
Enterprise Group, Inc. announces pricing of $15 million equity financing
/ NOT FOR RELEASE IN THE UNITED STATES OR DISSEMINATION OF UNITED STATES NEWS WIRE SERV...
About this update from Enterprise Group, Inc.
[{"type":"text","content":"\n\n\n/NOT FOR RELEASE IN THE UNITED STATES OR DISSEMINATION OF UNITED STATES\n NEWS WIRE SERVICES/\n\n\nST. ALBERT, AB, Dec. 5, 2013 /CNW/ - Enterprise Group, Inc.\n (\"Enterprise,\" or the \"Company\") (TSX:E) is pleased to announce that in\n connection with its previously announced overnight marketed public\n offering (the \"Offering\") of subscription receipts of the Company\n (\"Subscription Receipts\"), it has entered into an underwriting\n agreement with a syndicate of underwriters led by Canaccord Genuity\n Corp. and including GMP Securities L.P., M Partners Inc. and PI\n Financial Corp. (the \"Underwriters\") to sell 20,835,000 Subscription\n Receipts at a price of $0.72 per Subscription Receipt for aggregate\n gross proceeds of approximately $15 million.\n\n\nThe proceeds of the Offering will be used by the Company to fund the\n previously announced acquisition of Hart Oilfield Rentals Ltd., a\n private oilfield services provider (the \"Acquisition\") and will be held\n in escrow pending the completion of the Acquisition.  If all\n outstanding conditions to the completion of the Acquisition (other than\n payment of the purchase price) are met, the net proceeds from the sale\n of the Subscription Receipts will be released to Enterprise to finance,\n in part, the purchase price of the Acquisition, and each Subscription\n Receipt will be exchanged for one common share of the Company (\"Common\n Share\") and one half of a Common Share purchase warrant of Enterprise\n (\"Warrant\") for no additional consideration. Each whole Warrant will\n entitle the holder to purchase one Common Share at a price of $1.00 per\n share for a period of 2 years following the closing of the Offering.\n\n\nIn addition, the Company will issue to the Underwriters that number of\n non-transferable Common Share purchase warrants (\"Broker Warrants\")\n equal to 6% of the total number of Subscription Receipts issued\n pursuant to the Offering. Each Broker Warrant will entitle the holder\n thereof to acquire one Common Share at an exercise price of $1.00 per\n share for a period of two years following the completion of the\n Offering.\n\n\nThe Subscription Receipts will be offered for distribution in all\n provinces of Canada, except Quebec, by short form prospectus.  The\n Subscription Receipts may also be placed privately in the United Sta...