Espial Group Inc. Closes $5 Million Bought Deal Financing

Espial Group Inc. Closes $35 Million Bought Deal Financing

OTTAWA, Ontario--(BUSINESS WIRE)- May 6, 2015 -Espial Group Inc. (TSX: ESP) ( Espial or the Company ) announced today that it has closed its previously-announced short form prospectus offering, on a bought deal basis, of 8,750,000 common shares (the Common Shares ) for aggregate gross proceeds to Espial of $35,000,000 (the Offering).

THIS NEWS RELEASE IS INTENDED FOR DISTRIBUTION IN CANADA ONLY AND IS NOT INTENDED FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

May 06, 2015 09:30 AM Eastern Daylight Time

OTTAWA, Ontario (BUSINESS WIRE) Espial Group Inc. (TSX: ESP) ( Espial or the Company ) announced today that it has closed its previously-announced short form prospectus offering, on a bought deal basis, of 8,750,000 common shares (the Common Shares ) for aggregate gross proceeds to Espial of $35,000,000 (the Offering ). The Offering was completed at a price of $4.00 per Common Share (the Offering Price ) by a syndicate of underwriters led by GMP Securities L.P. and Beacon Securities Limited and including Mackie Research Capital Corporation, Haywood Securities Inc. and PI Financial Corp. (collectively, the Underwriters ).

The Company has also granted the Underwriters an over-allotment option to purchase up to an additional 1,250,000 Common Shares at the Offering Price, exercisable in whole or in part, at any time on or prior to the date that is 30 days following the closing of the Offering. If this option is exercised in full, an additional $5,000,000 in gross proceeds will be raised pursuant to the Offering, and the aggregate gross proceeds of the Offering will be $40,000,000.

The Company intends to use the net proceeds from the Offering to strengthen its balance sheet and complement funding of working capital for long term growth. A portion of the net proceeds may be allocated to finance future potential acquisitions that expand, complement or are otherwise related to its current business.

The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States or to, or for the account or benefit of, U.S. persons absent registration or an applicable exemption from the registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

LINK:	http://espial.com/espial-group-inc-closes-35-million-bought-deal-finan...
	See more stories from espial

Most recent headlines