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Allen-Vanguard Corporation Prices Offering of Common Shares
Allen-Vanguard Corporation Prices Offering of Common Shares.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT\n\n\nAUTHORIZED OR INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE\n\n\nSERVICES OR FOR PUBLICATION OR DISSEMINATION IN THE UNITED STATES/\n\n\nOTTAWA, Sept. 20 /CNW Telbec/ - Allen-Vanguard Corporation\n("Allen-Vanguard" or the "Company") (TSX:VRS) is pleased to announce that,\nfurther to its press release dated August 31, 2007, it has priced and upsized\nits public offering (the "Offering") of common shares. The Company has entered\ninto an agreement with a syndicate of underwriters led by Genuity Capital\nMarkets and including Paradigm Capital Inc., Versant Partners Inc. and\nCanaccord Adams (together, the "Underwriters") for the purchase by the\nUnderwriters of 31,580,000 common shares at a price of $9.50 per common share\nfor aggregate gross proceeds of $300,010,000. Oppenheimer & Co. Inc. will\nparticipate as a special selling group member in the Offering of Common Shares\non an exempt basis in the United States. The Underwriters will have an option,\nexercisable for a period of 30 days following the closing date of the\nOffering, to purchase from the Company that number of common shares\nrepresenting up to 15% of the Offering. The Offering Price was determined by\nnegotiation between the Company and the Underwriters.\n\n\nThe Company previously filed a preliminary short form prospectus\ndescribing the Offering on August 31, 2007 with each of the securities\ncommissions in Canada and anticipates filing a final short form prospectus\nwith each of the securities commissions in Canada on September 21, 2007. The\nCompany anticipates that the Offering will close on September 27, 2007.\nClosing is subject to certain conditions including, but not limited to, the\nreceipt of all necessary approvals including the approval of the applicable\nsecurities regulatory authorities.\n\n\n"We are pleased at the exceptionally strong response to our offering and\nthe opportunity it presents to substantially strengthen the Company's balance\nsheet and its operating flexibility," said David E. Luxton, President and CEO.\n\n\nThe net proceeds from the Offering will be used to repurchase and repay\ncertain debt obligations incurred by the Company pursuant to the acquisition\nof Med-Eng Systems Inc. (the "...