By Sheri Kasprzak
Atlanta, May 20 - Eveready Income Fund said it has determined the pricing on its previously announced private placement for C$24 million.
The deal includes 6.4 million trust units at C$3.75 each. The pricing represents at 2.64% discount to the 20-day average closing price of C$3.85, a 7.89% discount to the 10-day average closing price of C$4.07 and a 13.27% discount to the five-day average closing price of C$4.32, as of the close of the market May 18.
Insiders of the company may subscribe for up to C$10 million of the deal.
The offering had originally been announced April 27 as a C$10 million deal, even though no details had been determined at that time.
First Associates Investments Inc. is the placement agent in the offering, which is expected to close in early June.
Based in Edmonton, Alta., Eveready provides industrial, environmental, oilfield and mechanical cleaning services. The proceeds will be used for general corporate purposes.
| Issuer: | Eveready Income Fund
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| Issue: | Trust units
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| Amount: | C$24 million
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| Trust units: | 6.4 million
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| Price: | C$3.75
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| Warrants: | No
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| Placement agent: | First Associates Investments Inc.
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| Pricing date: | May 19
|
| Stock price: | C$4.80 at close May 19
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