Espial Group Inc. Announces Increase to Previously Announced Bought Deal Financing

Espial Group Inc. Announces Increase to Previously Announced Bought Deal Financing

OTTAWA, ONTARIO-(Marketwired - April 15, 2015)

OTTAWA, ONTARIO (Marketwired April 15, 2015) -

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.

Espial Group Inc. (TSX:ESP) ( Espial or the Company ) is pleased to announced that it has agreed with a syndicate of underwriters co-led by GMP Securities L.P. and Beacon Securities Limited and including Mackie Research Capital Corporation, Haywood Securities Inc. and PI Financial Corporation (collectively, the Underwriters ), to upsize its previously announced bought deal public offering of common shares of the Company (the Common Shares ) to 8,750,000 Common Shares at a price of $4.00 per Common Share (the Offering Price ) for aggregate gross proceeds to the Company of $35,000,000 (the Offering ).

The Company has also agreed to upsize the over-allotment option granted to the Underwriters to provide the Underwriters with the 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 Common Shares will be offered by way of a short form prospectus to be filed in all provinces of Canada (except Quebec). The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. The Offering is expected to close on or about May 6, 2015 and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the Toronto Stock Exchange and the applicable securities regulatory authorities.

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-announces-increase-previously-annou...
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