Lite Access Technologies Inc.’s (CVE:LTE) shares rose on Tuesday after the company said it had arranged a $12.6mln bought deal private placement with Cormark Securities Inc. on behalf of a syndicate of underwriters.
The net proceeds of the offering will be used to finance growth initiatives and for general corporate purposes.
Under the deal underwriters have agreed to buy 5.6mln common shares of the company at a purchase price of $2.25 per share. The underwriters have also been granted an option, exercisable in whole or in part at any time prior to the closing date, to purchase for resale up to an additional 1.2 million shares at the issue price, which would result in additional gross proceeds of $2.7mln.
The offering is scheduled to close on or about March 28.
Lite Access shares were 3.2% higher at C$2.59 on Tuesday.
Story by ProactiveInvestors