By Laura Lutz
Des Moines, June 5 - Hanwei Energy Services Corp. negotiated a private placement of special warrants for C$35 million.
The company plans to sell 7 million special warrants at C$5 each. Each special warrant will be exchangeable, at no cost, for one common share of Hanwei.
Canaccord Capital Corp. will lead a syndicate of underwriters that also includes GMP Securities LP and Research Capital Corp.
The underwriters have a greenshoe for up to 1 million additional special warrants. The greenshoe will be exercisable until 48 hours before closing of the placement.
Settlement is expected on June 21.
Proceeds will be used for working capital, including for the launch of the company's wind power business.
Hanwei is a Vancouver, B.C.-based energy company.
| Issuer: | Hanwei Energy Services Corp.
|
| Issue: | Special warrants exchangeable for common shares
|
| Amount: | C$35 million
|
| Special warrants: | 7 million
|
| Greenshoe: | For 1 million special warrants
|
| Price: | C$5.00
|
| Warrants: | No
|
| Underwriters: | Canaccord Capital Corp. (lead), GMP Securities LP, Research Capital Corp.
|
| Pricing date: | June 5
|
| Settlement date: | June 21
|
| Stock symbol: | TSX Venture: HE
|
| Stock price: | C$5.47 at close June 4
|
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