09:36 AM EDT, 09/15/2021 (MT Newswires) -- Tidewater Midstream and Infrastructure Ltd. (TWM.TO) said Wednesday that its majority-owned subsidiary, Tidewater Renewables Ltd. (LCFS.TO), has issued an additional 735,000 common shares at $15 per share to the over-allotment option granted to the underwriters for additional gross proceeds of roughly $11 million.
This was granted in connection with the recently completed initial public offering of 10 million common shares. The company, which fell 2.2% in Canada yesterday, edged up 0.8% on last look on Wednesday in Canada.
The shares were down 2.8% in early Frankfurt trading on Wednesday. Tidewater Renewables' stock rose nearly 2% in Canada on last look on Wednesday.
The exercise of the over-allotment option has increased the total gross proceeds to about $161 million. After giving effect to the issuance of additional shares under the over-allotment option, Tidewater Midstream now has a stake of about 69.01%.
Tidewater Renewables' shares trade on the Toronto Stock Exchange under the symbol LCFS.
Tidewater Midstream's business objective is to build a diversified midstream and infrastructure company in the North American natural gas, natural gas liquids, crude oil, refined product and renewable space.
Price: 14.71, Change: -0.18, Percent Change: