Investors purchase units of a share and two warrants at $4.00 per unit
By Devika Patel
Knoxville, Tenn., Sept. 9 - Kingsway Financial Services Inc. said it will raise about $13 million in a units rights offering. The deal priced for about $13.1 million on May 30.
The company sold rights exercisable for about 3.2 million units of one common share and two warrants at $4.00 per unit.
Settlement is expected Sept. 16.
Proceeds will be used to repay a portion of the company's $26.4 million of 7.5% senior notes due Feb. 1, 2014.
Kingsway is a Mississauga, Ont., property and casualty insurance company.
| Issuer: | Kingsway Financial Services Inc.
|
| Issue: | Units of one common share and two warrants
|
| Amount: | $13 million (approximate)
|
| Units: | 3.2 million (approximate)
|
| Price: | $4.00
|
| Warrants: | Two warrants per unit
|
| Pricing date: | May 30
|
| Settlement date: | Sept. 16
|
| Stock symbol: | NYSE: KFS
|
| Stock price: | $3.08 at close May 29
|
| Market capitalization: | $36.29 million
|
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