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TIDEWATER MIDSTREAM ANNOUNCES EXERCISE AND CLOSING OF PRIVATE PLACEMENT OVER-ALLOTMENT
TIDEWATER MIDSTREAM ANNOUNCES EXERCISE AND CLOSING OF PRIVATE PLACEMENT OVER-ALLOTMENT ...
About this update from Tidewater Midstream & Infrastructure Ltd.
[{"type":"text","content":"\n \n \n \n TIDEWATER MIDSTREAM ANNOUNCES EXERCISE AND CLOSING OF PRIVATE PLACEMENT OVER-ALLOTMENT\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n /THIS PRESS RELEASE IS NOT FOR DISTRIBUTION IN\n \n THE UNITED STATES\n \n OR TO U.S. NEWS AGENCIES./\n \n \n \n CALGARY,  AB\n \n ,\n \n \n Sept. 16, 2022\n \n \n /CNW/ - Tidewater Midstream and Infrastructure Ltd. (\"Tidewater\" or the \"Company\") (TSX: TWM) announces the exercise and successful closing of the over-allotment option (the \"Over-Allotment Option\") of its recently completed non-brokered private placement offering of Units (as defined below). Pursuant to the Over-Allotment Option, Birch Hill Private Equity Partners Management Inc. and certain affiliated entities controlled by ‎Birch Hill (collectively, \"Birch Hill\")‎, a fund managed and advised by Kicking Horse Capital Inc. and officers of the Company have subscribed for an additional 3,020,833 Units at a price of\n \n $1.20\n \n per Unit (the \"Offering Price\") for aggregate gross proceeds of\n \n $3,624,999.60\n \n (the \"Over-Allotment Offering\").\n \n \n \n \n \n \n \n \n \n The Over-Allotment Option was granted to the original subscribers under the non-brokered private placement offering that closed on\n \n August 16, 2022\n \n in connection with the Company's repayment of its\n \n $125 million\n \n senior unsecured notes due\n \n December 19, 2022\n \n and\n \n $20 million\n \n second lien term loan.\n \n \n Each Unit is comprised of one common share of the Company (each a \"Common Share\") and one-‎half of one common share purchase warrant (each full warrant, a \"Warrant\"). Each Warrant entitles ‎the holder to acquire one Common Share from the Company at a price of\n \n $1.44\n \n per Common Share ‎until\n \n August 16\n \n , 2024.‎\n \n \n The involvement of management and\n \n Birch Hill\n \n in the Over-Allotment Offering are \"related party transactions\" ‎within the meaning of MI 61-101 and the Company is relying on the exemptions in secti...