Brokered deal funds equipment purchases, acquisitions, working capital
By Devika Patel
Knoxville, Tenn., June 17 – Titanium Transportation Group Inc. said it will conduct a C$10 million private placement of units with a C$1.5 million greenshoe.
The company will sell 3.51 million units of one common share and one half-share warrant at C$2.85 per unit on a bought-deal basis.
Each whole two-year warrant will be exercisable at C$3.50. The strike price reflects a 20.69% premium to the June 16 closing share price of C$2.90.
The offering is being conducted by a syndicate of underwriters led by GMP Securities LP and including Cormark Securities Inc., Desjardins Securities Inc., Mackie Research Capital Corp. and Salman Partners Inc.
Settlement is expected July 7.
Proceeds will be used for equipment purchases, acquisitions, working capital and general corporate purposes.
Titanium Transportation is a Woodbridge, Ont., asset-based transportation and logistics company.
| Issuer: | Titanium Transportation Group Inc.
|
| Issue: | Units of one common share and one half-share warrant
|
| Amount: | C$10,003,500
|
| Greenshoe: | C$1,500,525, or 526,500 units
|
| Units: | 3.51 million
|
| Price: | C$2.85
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.50
|
| Agent: | GMP Securities LP (lead), Cormark Securities Inc., Desjardins Securities Inc., Mackie Research Capital Corp. and Salman Partners Inc.
|
| Pricing date: | June 17
|
| Settlement date: | July 7
|
| Stock symbol: | TSX Venture: TTR
|
| Stock price: | C$2.90 at close June 16
|
| Market capitalization: | C$87.84 million
|
|
|
|
|
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.
