Offer conducted via lead agent Raymond James with C$903,000 greenshoe
By Devika Patel
Knoxville, Tenn., Jan. 27 - Omni-Lite Industries Canada Inc. said it has increased a private placement of units. The deal, which priced for C$5.59 million on Wednesday, will now raise C$6.02 million on a bought-deal basis via a syndicate of underwriters led by Raymond James Ltd. There is a C$903,000 greenshoe, which originally was only for C$838,500.
The company will now sell 2.8 million units of one common share and one half-share warrant at C$2.15 apiece. Each whole two-year warrant will be exercisable at C$2.70. The strike price reflects a 23.85% premium to the Jan. 25 closing share price of C$2.18.
Settlement is expected Feb. 16.
Proceeds will be used to fund the company's pipeline of near-term program opportunities, particularly in the military and automotive divisions, as well as for general corporate purposes.
Omni-Lite, based in Cerritos, Calif., is a technology company that develops and manufactures components used by several U.S.-based retail manufacturers.
| Issuer: | Omni-Lite Industries Canada Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$6.02 million
|
| Greenshoe: | C$903,000
|
| Units: | 2.8 million
|
| Price: | C$2.15
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$2.70
|
| Agent: | Raymond James Ltd. (lead)
|
| Pricing date: | Jan. 26
|
| Upsized: | Jan. 27
|
| Settlement date: | Feb. 16
|
| Stock symbol: | TSX Venture: OML
|
| Stock price: | C$2.31 at close Jan. 26
|
| Market capitalization: | C$22 million
|
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