Business
Taiga Building Products Ltd. announces filing of final prospectus for rights offering
BURNABY, BC, February 20, 2009 /CNW/ - Taiga Building Products Ltd. (TSX: TBL), ("Taiga" or the "...
About this update from Taiga Building Products Ltd.
[{"type":"text","content":"\n\n\n\nBURNABY, BC, February 20, 2009 /CNW/ - Taiga Building Products Ltd. (TSX:\nTBL), ("Taiga" or the "Corporation") today announced that it has received a\nreceipt dated February 19, 2009, for a final short form prospectus (the\n"Prospectus") filed with the securities regulatory authorities in each of the\nProvinces of British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, New\nBrunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador and\nthe United States (the "Eligible Jurisdictions"), relating to its previously\nannounced rights offering (the "Offering"). Taiga is seeking to raise up to\n$10 million in gross proceeds from the Offering.\n\n\nUnder the terms of the Offering, shareholders of record on March 2, 2009,\nwill be entitled to receive one right ("Right") for each common share held.\nEach Right will entitle eligible holders to purchase 2.218 common shares of\nthe Corporation at a price of $0.14 per common share. The exercise of Rights\nand the payment for common shares must be completed by 5:00 p.m. (Toronto\ntime) on March 26, 2009 (the "Expiry Date"). Shareholders who fully exercise\ntheir Rights are entitled to subscribe pro-rata for additional common shares,\nif available, that are not otherwise subscribed for on or before the Expiry\nDate.\n\n\nAs previously announced, although there is no standby purchase commitment\nwith respect to the Offering, the Corporation's two principal shareholders\nhave each expressed an intention to the Corporation to exercise at least its\nbasic subscription right, subject to customary conditions, and provided that\nin any event, neither will exercise its Rights under the Offering such as to\nacquire beneficial ownership, control or direction over 50% or more of the\ncommon shares of the Corporation then outstanding.\n\n\nShareholders and purchasers of Rights should consult the Prospectus and\ntheir own legal and financial advisors to determine their rights and\nentitlements under the Offering.\n\n\nTaiga intends to use the entirety of the net proceeds of the Offering for\nworking capital purposes, including the reduction of the amount of\nindebtedness owing under its revolving credit facilities.\n\n\nMore detailed information is contained in the Prospectus available on\nSEDAR at www.sedar....