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Smart Employee Benefits completes US$2mln share offer

Thursday, October 12, 2017 9:01
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Smart Employee Benefits Inc. (CVE:SEB) said it has closed its US$2mln share offering via the issue of 12.5 mln common shares at 16 US cents per share.

In a statement the company that all shares issued under the offer will be subject to a four-month holding period, with the first tranche to expire on February 4, 2018, the second tranche on February 7, 2018 and the third tranche on February 11, 2018.

READ: Smart Employee Benefits bolstered by joint venture deal with US based NeST Technology Corp

As part of the offering, NeST Group, took up 6 mln common shares for US$960,000, through a controlled investment group.

SEB president and CEO, John McKimm said: SEB has made substantial progress in the past 12 months and is well positioned for growth going forward.”

Sales are anticipated to exceed US$110mln for fiscal 2017, up around 15% from the previous year.

Healthy growing cash flow profile

The company said around US$9.2mln has been raised in the past year, over 80% subscribed for by existing shareholders, insiders and strategic partners.

In a statement, the company said that it has a strong base from which to carry out its growth strategy in Canada and the US. It is forecasting “no major capital expenditure programs and its infrastructure is very scalable.”

SEB said it expects to be “largely free of term debt by 2019 with a healthy growing cash flow profile.”

Story by ProactiveInvestors


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