Business
Sienna Senior Living Announces Closing of Common Share Offering for Gross Proceeds of Approximately $144 Million
NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES MAR...
About this update from Sienna Senior Living Inc.
[{"type":"text","content":"Sienna Senior Living Announces Closing of Common Share Offering for Gross Proceeds of Approximately $144 Million\n\n\n\n NOT FOR DISTRIBUTION TO THE U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES\n \n\n MARKHAM, Ontario, Feb. 27, 2025 (GLOBE NEWSWIRE) -- Sienna Senior Living Inc. (“\n \n Sienna\n \n ” or the “\n \n Company\n \n ”) (TSX:SIA) today announced that it has successfully completed the previously announced bought deal offering (the “\n \n Offering\n \n ”) of common shares of the Company (“\n \n Common Shares\n \n ”) to a syndicate of underwriters led by TD Securities Inc., as sole bookrunner, and including BMO Nesbitt Burns Inc., CIBC World Markets Inc., RBC Dominion Securities Inc., Scotia Capital Inc., National Bank Financial Inc., Desjardins Securities Inc., Canaccord Genuity Corp., Raymond James Ltd., Cormark Securities Inc. and iA Private Wealth Inc. (collectively, the “\n \n Underwriters\n \n ”).\n \n\n A total of 9,108,000 Common Shares were issued at a price of $15.80 per Common Share for aggregate gross proceeds of $143,906,400. This includes gross proceeds from the full exercise of the over-allotment option granted to the Underwriters to purchase an additional 1,188,000 Common Shares.\n \n\n The Company intends to use the net proceeds of the Offering (i) to fund the Company’s previously announced acquisitions of Wildpine Residence, a 165-suite retirement residence in the Ottawa suburb of Stittsville, and Cawthra Gardens, a 192-bed Class A long-term care home in Mississauga, Ontario; and (ii) for general corporate purposes, which include financing strategic growth initiatives such as future acquisition opportunities.\n \n\n Further details of the Offering are described in the Company’s prospectus supplement dated February 24, 2025, filed with the securities regulatory authorities in all of the provinces and territories of Canada under the Company’s short form base shelf prospectus dated November 29, 2024. Copies of the Company’s prospectus supplement and the short form base shelf prospectus are available under the Company’s profile on SEDAR+ at\n \n www.sedarplus.ca\n \n .\n \n\n The securities offered pursuant to the Offering have not and will not be registered under the U.S. Securities Act o...