Mr. Wassem Khalil reports
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 overallotment option, were sold at an offering price of $24.25 per subscription receipt 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, finance a portion of Northland's previously announced acquisition of a 99.2-per-cent interest in the Colombian regulated utility Empresa de Energia de Boyaca.
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 Sept. 11, 2019.
About Northland Power Inc.
Northland Power is a global developer, owner and operator of sustainable infrastructure assets that deliver predictable cash flows.
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