By Laura Lutz
Des Moines, Aug. 15 - Allen-Vanguard Corp. closed a private placement of subscription receipts for C$100,352,500.
The company sold 14.65 million subscription receipts at C$6.85 apiece.
Each subscription receipt will be exchanged for one special warrant of Allen-Vanguard upon completion of the company's acquisition of Med-Eng Systems.
Each special warrant will be automatically exercised for one common share on Dec. 16 or upon the third business day after a receipt is issued for a final prospectus for the shares, whichever is earlier.
Paradigm Capital Inc., Versant Partners Inc. and Genuity Capital Partners acted as agents.
If the acquisition is not completed by Nov. 12, the company will refund the subscription price to the purchasers.
Based in Ottawa, Allen-Vanguard develops technologies, tools and training to minimize the effects of hazardous devices and materials.
| Issuer: | Allen-Vanguard Corp.
|
| Issue: | Subscription receipts ultimately exchangeable for common shares
|
| Amount: | C$100,352,500
|
| Subscription receipts: | 14.65 million
|
| Price: | C$6.85
|
| Warrants: | No
|
| Agents: | Paradigm Capital Inc., Versant Partners Inc., Genuity Capital Partners
|
| Settlement date: | Aug. 15
|
| Stock symbol: | Toronto: VRS
|
| Stock price: | C$9.00 at close Aug. 14
|
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