Boralex greenshoe exercised, increasing stock sale to C$124 million

By Lisa Kerner

Charlotte, N.C., Jan. 30 – Boralex Inc. announced that 85% of the over-allotment option for its previously announced public offering of class A common shares has been exercised for net proceeds of C$13.47 million.

The syndicate has purchased an additional 1,075,000 class A common shares at a price of C$13.05 per share.

The exercise of the over-allotment option brings the total gross proceeds of the offering to about C$124 million and increases the number of shares sold to 9,505,000 from 8.43 million.

The bought-deal offering closed on Jan. 12.

National Bank Financial Inc. led the syndicate of underwriters that included BMO Nesbitt Burns Inc., CIBC World Markets Inc., Desjardins Securities Inc., TD Securities Inc. and Cormark Securities Inc.

Proceeds will be used for working capital and general corporate purposes, according to a company news release.

Following settlement of the greenshoe, Boralex will have 48 million shares issued and outstanding.

The shares have been offered in all provinces of Canada by way of a short-form prospectus.

The securities that were sold have not been, nor will they be, registered under the U.S. Securities Act of 1933, as amended.

Boralex is a Kingsey Falls, Quebec, renewable energy power generating company.

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