By Sheri Kasprzak
Atlanta, Dec. 23 - Le Château Inc. and 125387 Canada Inc. said Wednesday the two have raised C$22.75 million in a private placement.
The companies issued a total of 1 million class A subordinated voting shares at C$22.75.
About half of the shares issued in the offering were sold by 125387 Inc., a company controlled by Herschel Segal, chairman and chief executive officer of Le Château, following the conversion into 500,000 class B voting shares.
GMP Securities Ltd. is the underwriter in the offering.
Based in Montreal, Le Château is a fashion retailer. The company plans to use the proceeds from the private placement for store renovations, infrastructure improvements and working capital. The company will not receive any proceeds from the shares sold by 125387 Canada Inc.
| Issuer: | La Château Inc.
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| Issue: | Class A subordinated voting shares
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| Amount: | C$22.75 million
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| Shares: | 1 million
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| Price: | C$22.75
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| Warrants: | No
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| Underwriter: | GMP Securities Ltd.
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| Announcement date: | Dec. 8
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| Settlement date: | Dec. 22
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| Stock price: | C$24.10 at close Dec. 22
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