Non-brokered deal conducted alongside C$100 million public stock sale
By Devika Patel
Knoxville, Tenn., April 26 – Mullen Group Ltd. said it will raise C$10 million in a non-brokered private placement of stock.
The company will sell 752,000 common shares at C$13.30 apiece, a 5% discount to the April 25 closing share price of C$14.00.
The company also plans to raise about C$100 million on a bought-deal basis through a public sale of 7,519,000 shares at the same price per share, conducted by a syndicate of underwriters led by Cormark Securities Inc. and including Beacon Securities Ltd. The public sale has a C$15 million greenshoe.
Settlement of the public offering is expected May 17.
Proceeds will be used to repay bank debt, for potential acquisitions, for growth initiatives and for general corporate purposes.
Mullen Group, based in Okotoks, Alta., owns a network of independently operated businesses that provide transportation and related services to the oil and natural gas industries.
| Issuer: | Mullen Group Ltd.
|
| Issue: | Common shares
|
| Amount: | C$10,001,600
|
| Shares: | 752,000
|
| Price: | C$13.30
|
| Warrants: | No
|
| Underwriter: | Non-brokered
|
| Pricing date: | April 26
|
| Stock symbol: | Toronto: MTL
|
| Stock price: | C$14.00 at close April 25
|
| Market capitalization: | C$1.28 billion
|
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