News LOYALIST GROUP LIMITED INCREASES SIZE AND PRICES OFFERING OF COMMON SHARES
Due to a strong demand for Loyalist Group Ltd.'s stock the company has increased the size of its private placement financing of common shares with a syndicate of agents led by Paradigm Capital Inc. and Cormark Securities Inc., and including Canaccord Genuity Corp., Haywood Securities Inc. and Mackie Research Capital Corp., that was previously announced on Feb. 18, 2015. The offering has been increased from gross proceeds of a minimum of up to $7-million to gross proceeds of up to $8.5-million. The company also announces that it has priced the offering and will offer to sell up to 21.25 million common shares at a price of 40 cents per share.
The company has granted the agents an overallotment option to purchase up to an additional 15 per cent of the common shares at the same price, exercisable in whole or in part at any time for a period of up to 30 days following closing of the offering, to cover overallotments.
Closing of the offering is scheduled to occur on or about March 12, 2015. Completion of the offering is subject to certain conditions including, but not limited to, the receipt of all necessary approvals, including the approval of the TSX Venture Exchange and the securities regulatory authorities. All securities issued by the company in connection with the offering will be subject to a statutory four-month hold period.
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