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Transalta Corp And TransAlta Renewables Inc. Announces Exercise Of Over-Allotment Option

Thursday, 29 Aug 2013 08:54am EDT 

Transalta Corp and TransAlta Renewables Inc. announced that in connection with Renewables' initial public offering of common shares (the Common Shares) that closed on August 9, 2013, the underwriters exercised their over-allotment option in part to purchase an additional 2.1 million Common Shares at the offering price of $10.00 per Common Share for gross proceeds of $21.0 million. Renewables has used the net proceeds received from the partial exercise of the over-allotment option to repay a portion of the amount outstanding under the acquisition note issued in favour of TransAlta in partial payment of the acquisition by Renewables of 28 contracted wind and hydroelectric power generation assets from TransAlta on August 9, 2013. The initial public offering, including the Common Shares issued pursuant to the exercise of the over-allotment option, has resulted in an aggregate of 22.1 million Common Shares being issued for gross proceeds to Renewables of $221.0 million. TransAlta, directly and indirectly, holds 92.6 million Common Shares, representing approximately 80.7% of the Common Shares in Renewables. The Common Shares were offered through a syndicate of underwriters, led by CIBC World Markets Inc. and RBC Dominion Securities Inc. and including Scotia Capital Inc., TD Securities Inc., BMO Nesbitt Burns Inc., National Bank Financial Inc., HSBC Securities (Canada) Inc., Merrill Lynch Canada Inc., Canaccord Genuity Corp. and Desjardins Securities Inc. 

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