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Regal Lifestyle Communities Inc Announces Closing Of $15 Million Over-Allotment Option


Friday, 9 Nov 2012 08:17am EST 

Regal Lifestyle Communities Inc announced that it has issued an additional 1,500,000 common shares pursuant to the exercise of the over-allotment option granted to a syndicate of underwriters co-led by CIBC and BMO Capital Markets in connection with the Company's initial public offering which closed on October 16, 2012. Pursuant to the over-allotment option, the underwriters purchased an additional 1,500,000 common shares of the Company at a price of $10.00 per common share for total gross proceeds of $15 million. Of the net proceeds, approximately $10 million will be used by the Company to repay any remaining balance under its term loan with First National Financial LP, and the remaining approximately $4.1 million of net proceeds will be used to fund growth opportunities, future acquisitions and/or general corporate purposes. The exercise of the over-allotment option has increased the total gross proceeds of the public offering to $153.8 million. 

Company Quote

8.44
-0.06 -0.71%
24 Oct 2014