Ms. Christina Marinoff reports
CANACCORD GENUITY GROUP INC. ANNOUNCES PRIVATE PLACEMENT
Canaccord Genuity Group Inc. has completed the first closing of its previously announced non-brokered private placement. In the first closing, the company issued a total of 6,346,869 units at a price of $4.17 per unit for aggregate proceeds to the company of $26,466,444.
Each unit consists of one common share of the company and one-half of one common share purchase warrant. Each whole warrant will entitle the holder to acquire one common share at an exercise price of $4.99 for the period from June 17, 2019, to Dec. 17, 2019. Warrants will not be listed and will not be transferable.
Common shares issued under the private placement are subject to a hold period of up three years, with one-third of the common shares issued to each purchaser becoming freely tradable on each of June 17, 2017, 2018 and 2019.
The private placement is subject to a maximum size of 6,876,824 units and the company anticipates completing up to the maximum size in one or more additional closings.
The company will use the proceeds of the private placement to finance the company's independent employee benefits trusts, established under its long-term incentive plan, which will purchase common shares in the market to cover grants of restricted share units to those employees who have participated in the private placement.
© 2024 Canjex Publishing Ltd. All rights reserved.