Savaria completes $5.25 million private placement

About this update from Savaria Corporation

LAVAL, QC, Dec. 15 /CNW/ - Savaria Corporation (TSX: SIS), one of North America's leading accessibility companies, that facilitates and ensures mobility for the physically challenged, is pleased to advise that it has completed its previously-announced private placement of 2.5 million common shares at a price of $2.10 per share, for gross proceeds to Savaria of $5.25 million. The placement was made through a syndicate of underwriters led by GMP Securities L.P., and including Acumen Capital Finance Partners Limited and Octagon Capital Corporation. Savaria will use the net proceeds from the offering for the continued strategic development of its business. Savaria has obtained an advance income tax ruling from Revenu QuDebec confirming that its common shares qualify under the SME Growth Stock Plan ("rDegime Actions-croissance PME"). The common shares issued in the offering therefore constitute eligible shares for purposes of the SME Growth Stock Plan, providing a 100% deduction for Quebec income tax purposes to eligible individual investors, provided certain conditions are met. As a result of the placement, there are 29,703,246 common shares of Savaria issued and outstanding. Forward-Looking Statements Certain statements in this press release may be forward-looking. Forward-looking statements involve known and unknown risks, uncertainties or other factors that may cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Savaria Corporation (www.savaria.com) is Canada's leader and the second largest accessibility company in North America. The Company designs, manufactures and distributes products, meeting the needs of people with mobility challenges, including stairlifts, converted and adapted vehicles for the physically disabled, vertical and inclined platform lifts and elevators for residential use. Savaria's products, sold through a network of over 400 retailers in North America, generate sales exceeding $60 million. The Company records over 50% of its sales outside Canada and employs close to 400 people. This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any state securities laws and may not be offered or sold within the United States or to United States Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available. %SEDAR: 00013726EF

View stock analysis, news, and events for Savaria Corporation