Business
Xebec Announces Closing of $23 Million Bought Deal Public Offering of Common Shares
Xebec Announces Closing of $23 Million Bought Deal Public Offering of Common Shares.
About this update from Xebec Adsorption Inc.
[{"type":"text","content":"\n NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES. MONTREAL, Dec. 27, 2019 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. (\"Xebec\" or the \"Corporation\") (TSXV:XBC) is pleased to announce it has closed its previously announced bought deal offering, including the exercise in full of the Underwriters' over-allotment option. A total of 10,952,600 common shares of Xebec (the \"Common Shares\") were sold at a price of $2.10 per Common Share for aggregate gross proceeds of $23,000,460 (the \"Offering\"). The Offering was conducted by a syndicate of underwriters led by Desjardins Capital Markets and including Beacon Securities Ltd., Canaccord Genuity Corp., TD Securities Inc., Paradigm Capital Inc. and Raymond James Ltd. (together, the \"Underwriters\"). The net proceeds of the Offering will be used to, among other things and as more fully described in the short form prospectus relating to the Offering, develop and invest in new renewable gas projects, to pursue strategic growth initiatives and for general corporate purposes. In connection with the Offering, the Corporation paid the Underwriters a cash commission equal to 6% of the gross proceeds of the Offering, and compensation options (the \"Compensation Options\") equal to 6% of the Common Shares issued pursuant to the Offering. Each Compensation Option will entitle the Underwriters to purchase a Common Share at an exercise price of $2.10 for a period of 12 months from the closing date of the Offering. The Common Shares were offered by way of short form prospectus in all of the provinces of Canada. Copies of the final short form prospectus and documents incorporated therein may be obtained by sending a written request to the Secretary of the Corporation at 730, Industriel Blvd., Blainville, Quebec, Canada, J7C 3V4, telephone: (450) 979-8700, and are available electronically under the Corporation's issuer profile on SEDAR at www.sedar.com. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and applicable U.S. state securities laws and may not...