Mr. Robert Sartor reports
BIG ROCK BREWERY INC. ANNOUNCES CLOSING OF $13.6 MILLION PUBLIC BOUGHT DEAL COMMON SHARE FINANCING
Big Rock Brewery Inc. has closed its previously announced bought deal offering and has issued 799,250 common shares of Big Rock at a price of $17 per common share, which includes the exercise in full of the overallotment option granted to the underwriter for aggregate gross proceeds of $13,587,250. Cormark Securities Inc. acted as the sole underwriter.
The net proceeds of the offering will be used to repay the aggregate amount outstanding under the revolving operating loan facility of the company in the amount of approximately $2.7-million as at March 20, 2014, and for future expenditures anticipated to be incurred in connection with the construction and launch of the company's new British Columbia brewery and restaurant, which is currently anticipated to be approximately $3.0-million. The remaining net proceeds of the offering are expected to be used to further geographical expansion growth opportunities in the company's other key markets of Ontario, Manitoba and/or Saskatchewan.
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