News
BTB Real Estate arranges $20-million unit offering
2012-12-03 15:50 ET - News Release
Mr. Michel Leonard reports
BTB ANNOUNCES PUBLIC OFFERING OF $20.0 MILLION OF TRUST UNITS
BTB Real Estate Investment Trust has reached an agreement with a syndicate of underwriters led by National Bank Financial Inc., and including Canaccord Genuity Corp., Dundee Securities Ltd., GMP Securities LP, HSBC Securities (Canada) Inc., Desjardins Securities Inc. and Raymond James Ltd., to issue to the public, subject to regulatory approval, on a bought-deal basis, 4,598,000 trust units at a price of $4.35 per unit, representing gross proceeds of approximately $20-million. The REIT has granted the underwriters an overallotment option exercisable in whole or in part at any time up to 30 days after closing, to purchase up to an additional 698,700 units at the same offering price.
The net proceeds from this offering (after deducting the underwriters' fee and estimated offering expenses) will be used for future property acquisitions and for general trust purposes.
The REIT will, by Dec. 7, 2012, file with the securities commissions and other similar regulatory authorities in each of the provinces of Canada a preliminary short form prospectus relating to the issuance of the units. Closing of the offering is expected to take place on or about Dec. 21, 2012.
We seek Safe Harbor.