By Laura Lutz
Indianapolis, Jan. 23 - Railpower Technologies Corp. arranged a private placement of units, which was later upsized to C$30 million.
The company now plans to sell 30 million units of one share and one half-share warrant at C$1.00 per unit. Each whole warrant will be exercisable at C$1.25 for three years.
The placement priced earlier on Tuesday as a C$25 million placement of 30 million units. The deal size was increased by the underwriters later in the day.
The deal will be underwritten by a syndicate led by Canaccord Adams and Sprott Securities Inc. and including National Bank Financial Inc., Paradigm Capital Inc. and Pacific International Securities Inc.
The underwriters have a greenshoe for up to 15% of the offering size. The greenshoe is exercisable until 30 days after closing, which is expected on Feb. 13.
Proceeds will be used for general corporate purposes.
Based in Toronto, Railpower produces energy technology systems for the transportation sector.
| Issuer: | Railpower Technologies Corp.
|
| Issue: | Units of one share and one half-share warrant
|
| Amount: | C$30 million
|
| Units: | 30 million
|
| Greenshoe: | For 15%
|
| Price: | C$1.00
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | C$1.25
|
| Warrant strike price: | Three years
|
| Underwriters: | Canaccord Adams (lead), Sprott Securities Inc. (lead), National Bank Financial Inc., Paradigm Capital Inc., Pacific International Securities Inc.
|
| Pricing date: | Jan. 23
|
| Settlement date: | Feb. 13
|
| Stock symbol: | Toronto: P
|
| Stock price: | C$1.14 at close Jan. 22
|
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