closing of $201 m bought deal equity financing & $50 m P.P. /THIS MEDIA RELEASE IS NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
LONGUEUIL, QC, Sept. 3, 2021 /CNW Telbec/ - Innergex Renewable Energy Inc. (TSX: INE) ("Innergex" or the "Corporation") has completed today its previously announced bought deal equity financing of common shares. The Corporation issued a total of 10,374,150 common shares, including 1,353,150 common shares issued as a result of the full exercise at closing of the over-allotment option granted to the syndicate of underwriters led by CIBC Capital Markets, National Bank Financial Inc., BMO Capital Markets and TD Securities Inc. (collectively the "Underwriters"), at an offering price of $19.40 per common share (the "Offering Price") for aggregate gross proceeds of $201,258,510 (the "Offering").
As part of the Investor Rights Agreement between Innergex and HQI Canada Holding Inc., a wholly owned subsidiary of Hydro-Qubec ("Hydro-Qubec"), Hydro-Qubec owns a preferential subscription right allowing it to maintain its 19.9% ownership of the common shares of Innergex. Therefore, it can subscribe to Innergex common shares in connection with any issuance at an equal price, including in the context of a bought deal equity financing. Concurrent with the Offering, Innergex also closed its previously announced private placement (the "Private Placement") with Hydro-Qubec. A total of 2,581,000 common shares were issued at the Offering Price for aggregate gross proceeds of $50,071,400 in order to maintain Hydro-Qubec's 19.9% ownership. The common shares offered pursuant to the Private Placement were sold directly to Hydro-Qubec, without an underwriter or placement agent.
The Corporation intends to use the net proceeds of the Offering and the Private Placement to fund the purchase price of the acquisition of Curtis Palmer (the "Acquisition"), with the remainder of the net proceeds, or should the Acquisition not successfully close, the net proceeds of the Offering and the Private Placement, to be used for general corporate purposes including future growth initiatives.
The common shares of the Offering were distributed under a short form prospectus dated August 30, 2021, which is available on SEDAR at www.sedar.com.
The securities offered in the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any U.S. state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities in the United States, nor will there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
https://www.newswire.ca/news-releases/innergex-announces-closing-of-201-million-bought-deal-equity-financing-and-50-million-concurrent-private-placement-862007849.html