Brokered deal funds equipment purchases, acquisitions, working capital
By Devika Patel
Knoxville, Tenn., July 7 – Titanium Transportation Group Inc. said the underwriters for its private placement of units opted to exercise the deal’s C$1.5 million greenshoe for total proceeds of C$11.5 million. The deal priced for C$10 million with the greenshoe on June 17.
The company sold 4,036,500 units of one common share and one half-share warrant at C$2.85 per unit on a bought-deal basis. Of the units, 526,500 were part of the fully exercised greenshoe.
Each whole two-year warrant is 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 was 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.
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$11,504,025, including C$1,500,525 greenshoe of 526,500 units
|
| Units: | 4,036,500
|
| Price: | C$2.85
|
| Warrants: | One half-share warrant per unit
|
| Warrant expiration: | Two years
|
| Warrant strike price: | C$3.50
|
| Agents: | 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$84.81 million
|
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