Brokers led by GMP Securities sell common shares at C$1.20 per share
By Devika Patel
Knoxville, Tenn., July 26 – H2O Innovation Inc. said it raised C$23 million in a private placement of stock. The deal priced for C$20 million with a C$2.76 million brokered greenshoe on July 13.
The offering was conducted in part on a bought-deal basis via a syndicate of underwriters led by GMP Securities LP and including Beacon Securities Ltd. Of the proceeds, C$21.4 million was raised through the underwriters, and C$1.6 million was raised on a non-brokered basis.
The company sold 17,633,333 common shares at C$1.20 per share in the brokered offering. The price per share is a 20% discount to the July 12 closing share price of C$1.50. Of the shares, 2.3 million were part of the fully exercised greenshoe.
Elaine C. Phenix invested C$15,000, Pierre Cote invested C$50,000, Caisse de depot et placement du Quebec invested C$3.8 million, and Investissement Quebec invested C$4.35 million in the bought deal. Richard A. Hoel invested C$378,000, Lawrence E. Gamst invested C$48,000, Elaine C. Phenix invested C$35,000, Marc Blanchet invested C$250,000, Guillaume Clairet invested C$270,000, and Frederic Dugre invested C$750,000 in the additional placement.
Proceeds were used to acquire Utility Partners, LLC, an operator of water and wastewater treatment plants.
H2O Innovation is a drinking water production and processing company based in Quebec City.
| Issuer: | H2O Innovation Inc.
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| Issue: | Common stock
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| Amount: | C$23 million, including C$2.76 million greenshoe of 2.3 million shares
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| Price: | C$1.20
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| Warrants: | No
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| Underwriters: | GMP Securities LP (lead), Beacon Securities Ltd. (for C$21.4 million), non-brokered (for C$1.6 million)
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| Investors: | Elaine C. Phenix (for C$15,000), Pierre Cote (for C$50,000), Caisse de depot et placement du Quebec (for C$3.8 million), Investissement Quebec (for C$4.35 million) for bought deal; Richard A. Hoel (for C$378,000), Lawrence E. Gamst (for C$48,000), Elaine C. Phenix (for C$35,000), Marc Blanchet (for C$250,000), Guillaume Clairet (for C$270,000) and Fredéric Dugre (for C$750,000)
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| Pricing date: | July 13
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| Settlement date: | July 26
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| Stock symbol: | TSX Venture: GTP
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| Stock price: | C$1.50 at close July 12
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| Market capitalization: | C$49.3 million
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