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Neo Performance Materials Announces $79 Million Bought Deal Secondary Offering of Common Shares
Neo Performance Materials Announces $79 Million Bought Deal Secondary Offering of Common ...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n \n \n \n Neo Performance Materials Announces $79 Million Bought Deal Secondary Offering of Common Shares\n \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 Canada NewsWire\n \n \n \n \n /NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN\n \n THE UNITED STATES\n \n ./\n \n \n \n TORONTO\n \n ,\n \n April 6, 2021\n \n /CNW/ - Neo Performance Materials Inc. (\"\n \n Neo\n \n \", the \"\n \n Company\n \n \") (TSX: NEO) is pleased to announce that it and a fund managed by Oaktree Capital Management, L.P. (the \"\n \n Selling Shareholder\n \n \") has entered into an agreement with Paradigm Capital Inc. (the \"\n \n Lead Underwriter\n \n \"), on behalf of a syndicate of underwriters (together with the Lead Underwriter, the \"\n \n Underwriters\n \n \"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, from the Selling Shareholder 4,000,000 common shares of the Company (the \"\n \n Common Shares\n \n \") at a price of\n \n $19.75\n \n per Common Share (the \"\n \n Offering Price\n \n \") for total gross proceeds to the Selling Shareholder of\n \n $79 million\n \n (the \"\n \n Offering\n \n \").  The Company will not be receiving any of the proceeds of the Offering.\n \n \n In addition, the Selling Shareholder has granted the Underwriters an option to purchase that number of additional Common Shares at the Offering Price equal to 15% of the base Offering, exercisable up to 30 days following the closing of the Offering.\n \n \n The Selling Shareholder currently holds 17,109,155 common shares of the Company, representing approximately 45.4% of the issued and outstanding common shares.  Following the closing of the Offering, the Selling Shareholder will hold 13,109,155 common shares, representing approximately 34.8% of the issued and outstanding common shares.  In addition, the Selling Shareholder, its affiliates and other entities managed by Oaktree Capital Management, L.P. have agreed with the Underwriters that their remaining common shares of the Company will be subjec...