Brokered bought deal funds future growth, general corporate purposes
By Devika Patel
Knoxville, Tenn., March 21 - Knight Therapeutics Inc. said it will conduct a C$180.08 million private placement of special warrants. The deal priced for C$75.08 million on Friday and was increased a few hours later.
The company will sell 34.3 million special warrants at C$5.25 each. The price per special warrant is a 5.41% discount to the March 20 closing share price of C$5.55.
The special warrants are each convertible into one common share.
The deal will be conducted on a bought-deal basis by a syndicate of underwriters co-led by GMP Securities LP and Cormark Securities Inc. and including Bloom Burton & Co.
3487911 Canada Inc. will buy 7.62 million special warrants for C$40.01 million.
Settlement is expected April 10.
Proceeds will be used for future growth and general corporate purposes.
The pharmaceutical company is based in Montreal.
| Issuer: | Knight Therapeutics Inc.
|
| Issue: | Special warrants convertible into common shares
|
| Amount: | C$180,075,000
|
| Warrants: | 34.3 million
|
| Price: | C$5.25
|
| Warrants: | No
|
| Underwriters: | GMP Securities LP and Cormark Securities Inc. (co-leads), Bloom Burton & Co.
|
| Investor: | 3487911 Canada Inc. (for C$40,005,000)
|
| Pricing date: | March 21
|
| Upsized: | March 21
|
| Settlement date: | April 10
|
| Stock symbol: | TSX Venture: GUD
|
| Stock price: | C$5.55 at close March 20
|
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