Strad is pleased to announce that it has closed its previously announced bought deal financing with a syndicate of underwriters led by Raymond James Ltd.
CALGARY, ALBERTA--(Marketwired - Feb. 7, 2017) -
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.
Strad Energy Services Ltd. ("Strad") (TSX:SDY) is pleased to announce that it has closed its previously announced bought deal financing with a syndicate of underwriters led by Raymond James Ltd. and including Paradigm Capital Inc., Peters and Co. Limited, HSBC Securities (Canada) Inc. and Industrial Alliance Securities Inc. (collectively, the "Underwriters"). A total of 8,928,572 class A shares of Strad ("Common Shares"), including 1,164,596 Common Shares issued pursuant to the exercise in full of the over-allotment option granted to the Underwriters, were issued at a price of $1.68 per Common Share for gross proceeds of approximately $15 million.
The securities offered have not been, and will not be, registered under the U.S. Securities Act or any U.S. state securities laws and may not be offered or sold in the United States absent registration or absent an applicable exemption from the registration requirements of the U.S. Securities Act and applicable U.S. state securities laws. This press release shall not constitute an offer to sell or the solicitation of an offer to buy any securities in the United States, nor shall there be any offer or sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.
Strad is a North American energy services company that provides rental equipment and matting solutions to the oil and gas and energy infrastructure sectors. Strad focuses on providing complete customer solutions in Canada and the United States.