Business
Rocky Mountain Dealerships Inc. Announces The Closing Of Initial Public Offering And Completion Of Acquisitions
/NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE U.S/ CALGARY, Dec. 20 /CN...
About this update from Roland Mineral Enterprises Corp.
[{"type":"text","content":"\n\n\n\n/NOT FOR DISTRIBUTION TO U.S. WIRE SERVICES OR FOR DISSEMINATION IN THE\n\n\nU.S/\n\n\nCALGARY, Dec. 20 /CNW/ - Rocky Mountain Dealerships Inc. ("Rocky\nMountain" or the "Corporation") announced today the successful completion of\nits initial public offering of 6,500,000 common shares ("Common Shares") of\nthe Corporation, at a price of $10.00 per Common Share for total gross\nproceeds of $65,000,000 (the "Offering"). The Offering was underwritten by a\nsyndicate of underwriters led by RBC Capital Markets and included BMO Capital\nMarkets, Scotia Capital Inc., Blackmont Capital Inc. and HSBC Securities\n(Canada) Inc. (collectively, the "Underwriters"). The Corporation has also\ngranted to the Underwriters an over-allotment option to purchase up to an\nadditional 975,000 Common Shares at $10.00 per Common Share for gross proceeds\nof $9,750,000, which expires 30 days following closing of the Offering.\n\n\nThe net proceeds of the Offering were used by the Corporation, in part,\nto acquire all of the issued and outstanding shares of Hammer Equipment Sales\nLimited ("Hammer Equipment") and Hi-Way Service (Medicine Hat) Inc. ("HWMH"),\nincluding HWMH's subsidiaries, Hi-Way Service (High River) Inc. ("HWHR") and\nHi-Way Service Leasing Inc. ("HWL") (collectively, HWMH, HWHR and HWL are\n"Hi-Way Service"). Hammer Equipment is an independent dealer of construction\nequipment with assigned dealership territories covering most of Alberta and\nreaching into Saskatchewan, British Columbia, the Northwest Territories and\nNunavut. Hi-Way Service is an independent dealer of agricultural and\nconstruction equipment with assigned dealership territories throughout\nsouthern Alberta.\n\n\nUpon closing of the Offering, Matt Campbell, Rocky Mountain's CEO\ncommented, "This transaction brings together two exceptional businesses to\ncreate a powerful Alberta based, heavy equipment dealership group. The\ncombination of Hammer Equipment and Hi-Way Service provides a comprehensive\nAlberta footprint in the agriculture and construction sectors, that will\nenable us to deliver even better service to all of our customers. We are\nlooking forward to capitalizing on the strengths of both organizations, and\nexcited by our future growth opportuniti...