By Devika Patel
Knoxville, Tenn., June 25 - Equitable Group Inc. said it will raise C$5.16 million in a non-brokered private placement of stock.
The company will sell 240,000 common shares at C$21.50 per share to Emberwood Glen Enterprises Ltd.
Proceeds will be used to invest in the equity of the company's subsidiary, Equitable Trust Co., and to enhance its tier 1 capital.
Toronto-based Equitable provides first mortgage financing.
| Issuer: | Equitable Group Inc.
|
| Issue: | Common shares
|
| Amount: | C$5.16 million
|
| Shares: | 240,000
|
| Price: | C$21.50
|
| Warrants: | No
|
| Agents: | Non-brokered
|
| Investor: | Emberwood Glen Enterprises Ltd.
|
| Pricing date: | June 25
|
| Stock symbol: | Toronto: ETC
|
| Stock price: | $22.25 at close June 24
|
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