By Devika Patel
Knoxville, Tenn., April 21 - Davie Yards Inc. said it has arranged a private placement of stock for about C$20 million.
The company will sell 194,211,805 common shares at approximately C$0.10 per share.
Dundee Securities Corp. is the agent.
Davie Yards said in a press release that a majority of directors believe that the company is in serious financial difficulty due to inadequate liquidity resulting from withheld contract payments. Proceeds from the offering will considerably improve the corporation's financial situation, the company said.
Based in Levis, Quebec, Davie Yards makes offshore vessels and rigs.
| Issuer: | Davie Yards Inc.
|
| Issue: | Common shares
|
| Amount: | C$20 million
|
| Shares: | 194,211,805
|
| Price: | C$0.10 (approximate)
|
| Agent: | Dundee Securities Corp.
|
| Pricing date: | April 21
|
| Stock symbol: | Toronto: DAV
|
| Stock price: | C$0.15 at close April 20
|
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