Business
AcuityAds Announces Closing of CDN$9.2 Million Bought Deal Offering
AcuityAds Announces Closing of CDN$9.2 Million Bought Deal Offering Canada NewsWir...
About this update from Illumin Holdings Inc.
[{"type":"text","content":"\n\n\n\nAcuityAds Announces Closing of CDN$9.2 Million Bought Deal Offering\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\nTORONTO, May 22, 2019\n\n\n\n/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n TORONTO, May 22, 2019 /CNW/ - AcuityAds Holdings Inc. (\"AcuityAds\" or the \"Company\") (TSXV:AT), a technology leader that provides targeted digital media solutions enabling advertisers to connect intelligently with audiences across digital advertising campaigns, is pleased to announce that it has closed its previously announced bought deal offering (the \"Offering\") of 5,936,300 common shares (the \"Shares\") of the Company at a price of CDN$1.55 per Share (the \"Offering Price\") for aggregate gross proceeds of CDN$9,201,265, including the full exercise by the Underwriters (defined below) of the over-allotment option. The Offering was completed by a syndicate of underwriters led by Haywood Securities Inc. and Cormark Securities Inc., and including Paradigm Capital Inc., Echelon Wealth Partners Inc. and Eight Capital (collectively, the \"Underwriters\").\nThe Company intends to use the net proceeds of the Offering to pay a portion of a performance based earn-out in connection with its acquisition of certain assets of Magnetic Media Online Holdings Inc., and to repay a portion of the amount owing under its operating line of credit, which will have the result of increasing the Company's available borrowing capacity under its existing operating line of credit. \nIn consideration for their services, the Underwriters received cash commission equal to 6% of the gross proceeds of the Offering, and the Company will issue such number of broker warrants (the \"Broker Warrants\") equal to 6% of the number of Shares sold in the Offering. Each Broker Warrant will be exercisable into one Share at the Offering Price until May 22, 2021.\nThe securities offered have not been registered under the U.S. Securities Act of 1933, as amended, and may not be offered or sold ...