By Devika Patel
Knoxville, Tenn., Feb. 5 - Aeroquest International Ltd. said it completed a C$20 million private placement of common shares.
The company sold 6,666,667 common shares at C$3.00 apiece on a bought-deal basis.
Jennings Capital Inc. led a syndicate of underwriters, which included J.F. Mackie and Co. Ltd. and National Bank Financial for this deal. The underwriters have a greenshoe for an additional 1 million shares, or C$3 million, which is exercisable for 30 days.
Proceeds will be used to repay notes, for general working capital and to fund continued growth.
Based in Misissauga, Ont., Aeroquest focuses on airborne geophysical surveying platforms.
Issuer: | Aeroquest International Ltd.
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Issue: | Common shares
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Amount: | C$20 million
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Greenshoe: | C$3 million
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Shares: | 6,666,667
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Price: | C$3.00
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Warrants: | No
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Underwriters: | Jennings Capital Inc. (lead), J.F. Mackie and Co. Ltd., National Bank Financial
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Announcement date: | Jan. 17
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Settlement date: | Feb. 5
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Stock symbol: | TSX Venture: AQL
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Stock price: | C$3.15at close Jan. 16
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