By Sheri Kasprzak
New York, April 13 - Royal Laser Corp. said the underwriters of its recent C$40 million private placement exercised their over-allotment option for C$15 million in subscription receipts in full, pulling up the proceeds from the deal to C$55 million.
The syndicate of underwriters was led by Canaccord Adams Inc. and included MGI Securities Inc.
The company sold a total of 44 million subscription receipts at C$1.25 each. The receipts are exchangeable for one share of Royal Laser once the company's acquisition of Venture Steel Inc. is completed.
The deal priced on March 29 as a C$40 million offering of 32 million receipts. The price per share is a 6% discount to the company's C$1.33 closing stock price on March 28.
Toronto-based Royal Laser manufactures custom metal and wood products for the retail in-store development sector.
| Issuer: | Royal Laser Corp.
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| Issue: | Subscription receipts exchangeable for common shares
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| Amount: | C$55 million, including C$15 million greenshoe
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| Receipts: | 44 million
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| Price: | C$1.25
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| Warrants: | No
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| Underwriters: | Canaccord Adams Inc. (lead), MGI Securities Inc.
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| Pricing date: | March 29
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| Settlement date: | April 13
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| Stock symbol: | Toronto: RLC
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| Stock price: | C$1.40 at close March 29
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| Stock price: | C$1.78 at close April 13
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