Business
Tantalus Closes C$10.6M Overnight Marketed Financing
Burnaby, British Columbia--(Newsfile Corp. - August 12, 2021) - Tantalus Systems Holding (TSX:...
About this update from Tantalus Systems Holding Inc
[{"type":"text","content":"Tantalus Closes C$10.6M Overnight Marketed FinancingBurnaby, British Columbia--(Newsfile Corp. - August 12, 2021) - Tantalus Systems Holding (TSX: GRID) (the \"Company\" or \"Tantalus\") today announces that the Company has closed its previously announced overnight marketed public offering by issuing 4,710,110 common shares at C$2.25 per share for gross proceeds of C$10.6M (the \"Offering\"), inclusive of 265,666 common shares issued pursuant to the partial exercise of the over-allotment option. Canaccord Genuity Corp. and Cormark Securities Inc. acted as co-leads of the offering that included Beacon Securities Limited, PI Financial Corp. and Paradigm Capital Inc. as part of the syndicate (collectively, the \"Underwriters\"). \"Over the past six months, Tantalus successfully transitioned into a publicly-traded company by initially listing on the TSX Venture Exchange by way of a \"Qualifying Transaction\" and quickly graduating to the TSX,\" said Mr. Peter Londa, President and CEO of Tantalus. \"By accessing the public markets, we secured in that time frame more than C$20M in capital to strengthen our balance sheet and accelerate our multi-pronged growth strategy. As we look toward the future, we plan on allocating capital to strategic initiatives to expand our growing market position within the public power and electric cooperative utility sector, including investments in our sales and marketing efforts, accelerating research and development initiatives to deliver next-generation solutions that digitize the distribution grid and pursuing a number of corporate development initiatives that may include strategic partnerships, mergers and acquisitions.\" In consideration for their services provided in connection with the Offering, the Underwriters received a cash commission equal to 6.0% of the gross proceeds of the Offering. The Company also issued to the Underwriters 282,606 compensation warrants (the \"Compensation Warrants\"), representing 6.0% of the common shares issued under the Offering, with each Compensation Warrant exercisable for one common share at an exercise price of $2.25 for a period of two years following the closing, subject to adjustment in certain events.Tantalus will file and announce its Q2 financial results on August 16, 2021. About TantalusTantalus is a smart grid technology company that transforms aging one...