Business
Savaria completes $5.25 million private placement
Savaria completes $5.25 million private placement.
About this update from Savaria Corporation
[{"type":"text","content":"\n\n\n\n\nLAVAL, QC, Dec. 15 /CNW/ - Savaria Corporation (TSX: SIS), one of North\nAmerica's leading accessibility companies, that facilitates and ensures\nmobility for the physically challenged, is pleased to advise that it has\ncompleted its previously-announced private placement of 2.5 million common\nshares at a price of $2.10 per share, for gross proceeds to Savaria of\n$5.25 million.\nThe placement was made through a syndicate of underwriters led by GMP\nSecurities L.P., and including Acumen Capital Finance Partners Limited and\nOctagon Capital Corporation.\nSavaria will use the net proceeds from the offering for the continued\nstrategic development of its business.\nSavaria has obtained an advance income tax ruling from Revenu QuDebec\nconfirming that its common shares qualify under the SME Growth Stock Plan\n(\"rDegime Actions-croissance PME\"). The common shares issued in the offering\ntherefore constitute eligible shares for purposes of the SME Growth Stock\nPlan, providing a 100% deduction for Quebec income tax purposes to eligible\nindividual investors, provided certain conditions are met.\nAs a result of the placement, there are 29,703,246 common shares of\nSavaria issued and outstanding.\n\nForward-Looking Statements\n\nCertain statements in this press release may be forward-looking. \nForward-looking statements involve known and unknown risks, uncertainties or\nother factors that may cause the Company's actual results, performance or\nachievements to be materially different from any future results, performance\nor achievements expressed or implied by such forward-looking statements.\n\nSavaria Corporation (www.savaria.com) is Canada's leader and the second\nlargest accessibility company in North America. The Company designs,\nmanufactures and distributes products, meeting the needs of people with\nmobility challenges, including stairlifts, converted and adapted vehicles for\nthe physically disabled, vertical and inclined platform lifts and elevators\nfor residential use. Savaria's products, sold through a network of over\n400 retailers in North America, generate sales exceeding $60 million. The\nCompany records over 50% of its sales outside Canada and employs close to\n400 people.\n\nThis news release does not constitute an offer to sell or a solicitation\nof an offer to buy any of the securities in the United Sta...