Spark mutually terminates convertible debenture bought-deal offering

Chicago, March 11 – Spark Power Group Inc. announced the mutual termination of its underwriting agreement from Feb. 24 and the bought deal offering of convertible debentures that were part of the agreement between Spark Power and the syndicate of underwriters, according to a company press release.

The company could not meet the obstacles of the timing requirements as a result of the necessary restatement of its financial statements which worked as a contributing factor in the decision to not more forward.

There is no breakup fee associated with the termination of the agreement.

As previously reported, Raymond James Ltd. led the syndicate of underwriters for the bought-deal, which was being marketed via short form prospectus in all provinces of Canada except Quebec.

The agreement called for C$20 million of 7.5% convertible debentures due 2026 with an initial conversion premium of 25%

The deal carried a C$3 million greenshoe.

Proceeds were going to be used for working capital and to support the growth of the company.

Spark Power is an Oakville, Ont.-based provider of electrical contracting and energy sustainability solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.