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Cerf Inc Closes $11.5 Million Equity Financing Including Full Exercise Of Over-Allotment Option


Thursday, 25 Jul 2013 01:46pm EDT 

Cerf Inc announced that it has closed its previously announced equity financing (the Offering) of 4,259,260 units of CERF (Units), which includes the exercise in full of the over-allotment option to purchase 555,556 Units, at a price of $2.70 per Unit, for gross proceeds of approximately $11.5 million. Each Unit is comprised of one common share of CERF (a Common Share) and one common share purchase warrant exercisable for one Common Share for a period of 18 months following the closing of the Offering, at an exercise price of $3.15 per share, subject to accelerated expiry in certain circumstances at the discretion of the Company. The Offering was made through a syndicate of agents co-led by Global Securities Corporation and AltaCorp Capital Inc., on their own behalf and on behalf of National Bank Financial Inc., Burgeonvest Bick Securities Limited and PI Financial Corp. (collectively, the Agents). The net proceeds of the Offering are intended to be used by CERF to reduce bank indebtedness under its credit facilities, a portion of which may be subsequently redrawn for capital expenditures to fund the continued growth of its wholly owned subsidiaries, 4-Way Equipment Rentals Corp. and TRAC Energy Services Ltd., through the purchase of construction and oilfield rental equipment. 

Company Quote

3.69
0.0 +0.00%
22 Aug 2014