CLOSING OF SUBSCRIPTION RECEIPT OFFERING NORTHLAND POWER ANNOUNCES CLOSING OF SUBSCRIPTION RECEIPT OFFERING
Northland Power Inc. has closed its previously announced bought deal offering of subscription receipts. A total of 14,289,000 Subscription Receipts, including 1,299,000 Subscription Receipts issued pursuant to the exercise in full by the Underwriters of their over-allotment option, were sold at an offering price of $24.25 per Subscription Receipt (the "Offering Price") for aggregate gross proceeds of $346,508,250.
The Subscription Receipts will commence trading today on the Toronto Stock Exchange under the symbol NPI.R.
The net proceeds from the Offering will be held in escrow and are intended to directly or indirectly, fund a portion of Northland's previously announced acquisition of a 99.2% interest in the Colombian regulated utility Empresa de Energia de Boyaca (the "Acquisition").
Each Subscription Receipt will entitle the holder to receive one common share of Northland upon closing of the Acquisition. For further information regarding the Offering and the Acquisition, including related risk factors, refer to the Prospectus Supplement that Northland filed on SEDAR on September 11, 2019.
The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This news release does not constitute an offer to sell or the solicitation of any offer to buy, nor will there be any sale of these securities, in any province, state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such province, state or jurisdiction.