By Sheri Kasprzak
New York, July 29 - Stella-Jones Inc. said it has raised C$5 million from a private placement to Stella Jones International SA, its majority shareholder.
Stella-Jones sold 555,556 shares at C$9.00 each to Stella Jones International.
Once the offering is wrapped, Stella Jones International will hold 6,910,556 of Stella-Jones Inc.'s outstanding shares, or 63.9% on an undiluted basis.
The proceeds will be used to partially finance Stella-Jones' pending acquisition of Webster Wood Preserving Co., a Bangor, Wis.-based company that makes and markets pressure-treated railway ties.
Based in Westmount, Quebec, Stella-Jones produces and markets industrial structures and support components made from pressure-treated wood products.
| Issuer: | Stella-Jones Inc.
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| Issue: | Stock
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| Amount: | C$5 million
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| Shares: | 555,556
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| Price: | C$9.00
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| Warrants: | No
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| Investor: | Stella Jones International SA
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| Announcement date: | July 29
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| Stock price: | C$9.00 at close July 28
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