Business
The Westaim Corporation announces pricing for the Initial Public Offering of its NUCRYST Pharmaceuticals Corp. subsidiary
The Westaim Corporation announces pricing for the Initial Public Offering of its NUCRYST Pharmaceuticals Corp. subsidiary.
About this update from Westaim Corporation
[{"type":"text","content":"\n\n\n\n\nCALGARY, Dec. 22 /CNW/ - The Westaim Corporation announced today the\ninitial public offering of 4,500,000 common shares of its subsidiary NUCRYST\nPharmaceuticals Corp. (\"NUCRYST\") at a price of US$10 per share. NUCRYST\ncommon shares will be traded on the Nasdaq National Market under the trading\nsymbol NCST and on the Toronto Stock Exchange (in Canadian dollars) under the\ntrading symbol NCS.\nThe shares are being offered by an underwriting syndicate led by\nJefferies & Company, Inc. and co-managed by Adams Harkness, Inc., GMP\nSecurities L.P., and SunTrust Robinson Humphrey. NUCRYST has granted the\nunderwriters a 30-day option to purchase up to 675,000 additional common\nshares to cover over-allotments, if any.\nNet proceeds from the offering are expected to be approximately \nUS$39.9 million or US$46.1 million if the underwriters exercise their over-\nallotment option in full, after deducting underwriting discounts and\ncommissions and estimated offering expenses. NUCRYST plans to use\napproximately US$35 million of the net proceeds for capital expenditures,\nresearch and development and general corporate purposes, with the remaining\nproceeds being used to repay indebtedness to Westaim. After the offering,\nWestaim will continue to own a majority equity position in NUCRYST.\nCopies of the final prospectus relating to these securities may be\nobtained in the United States from Jefferies & Company, Inc. by fax request at\n(212) 284-2208 and by mail request at Jefferies & Company, Inc., 520 Madison\nAvenue, 12th Floor, New York, New York 10022 and in Canada from GMP Securities\nL.P. by fax request at (416) 943-6133 and by mail request at GMP Securities\nL.P., Attn Syndication Department, 145 King Street West, Suite 1100, Toronto,\nOntario M5H 1J8.\nA registration statement relating to these securities has been declared\neffective by the U.S. Securities and Exchange Commission and a final\nprospectus has been filed with each of the Canadian provincial securities\nregulatory authorities (other than Quebec). This press release shall not\nconstitute an offer to sell or a solicitation of an offer to buy, nor will\nthere be any sale of these securities in any state, province or jurisdiction\nin which such an offer, solicitation or sale would be unlawful prior to\nregistration or qualification under the secu...