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Neo Performance Materials Announces $87.5 Million Bought Deal Treasury and Secondary Offering of Common Shares
Neo Performance Materials Announces $87.5 Million Bought Deal Treasury and Secondary Offe...
About this update from Neo Performance Materials, Inc.
[{"type":"text","content":"\n \n \n \n Neo Performance Materials Announces $87.5 Million Bought Deal Treasury and 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 Oct. 25, 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 \") have entered into an agreement with Paradigm Capital Inc. and Canaccord Genuity Corp. (the \"\n \n Co-Lead Underwriters\n \n \"), on behalf of a syndicate of underwriters (together with the Co-Lead Underwriters, the \"\n \n Underwriters\n \n \"), pursuant to which the Underwriters have agreed to purchase, on a bought deal basis, 2,598,000 common shares of the Company (the \"\n \n Common Shares\n \n \") from treasury at a price of\n \n $19.25\n \n per Common Share (the \"\n \n Offering Price\n \n \") (the \"\n \n Treasury Offering\n \n \") and 1,949,000 Common Shares from the Selling Shareholder at the Offering Price (the \"\n \n Secondary Offering\n \n \") for total gross proceeds of\n \n $87.5 million\n \n (the \"\n \n Offering\n \n \").\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 total base Offering, exercisable up to 30 days following the closing of the Offering.\n \n \n The Selling Shareholder currently holds 12,509,155 common shares of the Company, representing approximately 32.9% of the issued and outstanding common shares.  Following the closing of the Offering, the Selling Shareholder will hold 10,560,155 common shares, representing approximately 26.0% of the issued and outstanding common shares.  In addition, the Selling Shareholder, its affiliates and other entities managed by Oaktree Capital Managemen...