Mosaic convertibles grow to C$15.63 million with partial greenshoe

New York, Nov. 30 – Mosaic Capital Corp. said the underwriters of its recent offering of 7% convertible unsecured senior subordinated debentures due Dec. 31, 2021 exercised C$626,000 of the over-allotment option.

With the additional securities, the offering now totals C$15,626,000, according to a news release.

Mosaic Capital priced C$15 million of the convertibles on Nov. 4 via bookrunner Canaccord Genuity Corp.

The securities were priced at par with a conversion price of C$9.00 per share, a 29% premium.

Included in the offering was a greenshoe for up to C$2.25 million.

Proceeds will be used to pay down credit facility borrowings, for future acquisitions and for general corporate purposes, including working capital.

The convertibles are listed on the TSX Venture exchange under the symbol M.DB.

Mosaic Capital is a Calgary, Alta.-based investment company.

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