Ms. Christina Marinoff reports
CANACCORD GENUITY GROUP INC. ANNOUNCES CLOSING OF PRIVATE PLACEMENT
Canaccord Genuity Group Inc. has completed the final closing of its previously announced non-brokered private placement. The company issued an aggregate of 6,876,824 units at a price of $4.17 per unit in a series of three closings.
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 a period of six months following the third anniversary of closing. 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 to three years, with one-third of the common shares issued to each purchaser becoming freely tradable on each anniversary of the closing date of the private placement.
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.
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