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H2O Innovation Inc to purchase Piedmont Pacific Corporation and to sell its own subscription receipts for about C$ 4.5 mln

Monday, 25 Nov 2013 04:26pm EST 

H2O Innovation Inc:Says it has signed an agreement to purchase all of the issued and outstanding shares of common stock of Piedmont Pacific Corporation, a U.S. manufacturer of flexible pipe couplings and other pipe fittings for highly corrosive environments.Says the total consideration of acquisition is about C$ 4 million ($ 3.8 million).Says the execution and the completion of the acquisition are subject to certain conditions and closing is expected on or about Dec. 5, 2013.Says it has also entered into an agreement with GMP Securities L.P. to sell on a bought deal basis and by way of private placement 19,565,217 subscription receipts of the company.Says sale price is C$ 0.23 per subscription receipt and the aggregate gross proceeds are about C$ 4.5 million.Says it has granted GMP Securities L.P. an option to purchase up to an additional 13,043,478 subscription receipts at the same price, exercisable at any time prior to 48 hours before the completion of the bought deal, for additional gross proceeds of up to about C$ 3,000,000.Says GMP Securities L.P. can elect to receive common shares of the company instead of subscription receipts for all or a portion of the bought deal.Says to deliver to GMP Securities L.P. its common shares instead of subscription receipts if the closing of the acquisition occurs concurrently with the closing of the bought deal. 

Company Quote

0.01 +0.70%
3:49pm EST