Westaim Completes Private Placement Offerings of Special Warrants and Enters into Subscription Agreement for Common Shares for Aggregate Gross Proceeds of Approximately $237 Million

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[{"type":"text","content":"\n\n/THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/\n\n\n\nTORONTO, May 28, 2015 /CNW/ - The Westaim Corporation (\"Westaim\" or the \"Company\") (TSXV: \"WED\") today announced that, further to its press release of May 5, 2015 (the \"Initial Press Release\"), the Company has completed the sale of an aggregate of 72,120,145 special warrants (the \"Special Warrants\") at a purchase price of $3.25 per Special Warrant for aggregate gross proceeds of $234,390,471 (the \"Offering\").  Capitalized terms used herein and not otherwise defined have the meanings ascribed thereto in the Initial Press Release.  \n\nAn aggregate of 65,296,993 Special Warrants ($212,215,227) were sold pursuant to an underwriting agreement between the Company, GMP Securities L.P. and TD Securities Inc. (together, the \"Joint Bookrunners\") and Cormark Securities Inc. and Scotia Capital Inc. (collectively with the Joint Bookrunners, the \"Underwriters\").  The Special Warrants sold pursuant to the Underwriting Agreement include the partial exercise of the Underwriters' option.  An additional 6,823,152 Special Warrants ($22,175,244) were sold pursuant to a concurrent non-brokered private placement of Special Warrants (the \"Concurrent Private Placement\").  The Concurrent Private Placement included subscriptions by members of the Company's board of directors and management team (collectively, the \"Insiders\").  \n\nIn connection with their services, Westaim agreed to pay to the Underwriters a cash commission (the \"Commission\") of 5.5% of the aggregate proceeds of the Offering (provided that a reduced Commission of 2.75% is payable in respect of certain president's list subscribers).  The gross proceeds from the sale of the Special Warrants, less an amount equal to (i) 50% of the Commission plus (ii) the costs and expenses of the Underwriters (the \"Escrowed Funds\"), have been deposited with Equity Financial Trust Company as escrow agent (the \"Escrow Agent\") under the terms of a special warrant indenture among the Company, the Escrow Agent and the Joint Bookrunners (the \"SW Indenture\"), pending the receipt of notice from Westaim confirming that all of the following conditions to the release of the...

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