Clearwater Seafoods Incorporated Announces Closing of $34 Million Bought Deal
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HALIFAX, Feb. 4, 2014 /CNW/ - Clearwater Seafoods Incorporated (TSX: CLR)
("the Company" or "Clearwater") is pleased to announce that it has completed
the issuance to the public, on a bought deal basis, of 3,530,000 common shares
("Shares") from the treasury of the Company. The Shares were offered at a
price of $8.50 per Share, for gross proceeds to Clearwater of approximately
$30 million. The syndicate of investment dealers was co-led by Cormark
Securities Inc. and Beacon Securities Limited (the "Underwriters").
In addition, the Underwriters also exercised their option (the "Over-Allotment
Option") to purchase an additional 499,400 common shares from the treasury of
the Company at the offering price, resulting in total gross proceeds from the
offering, including the proceeds from the partial exercise of the
Over-Allotment Option, of approximately $34 million.
As announced on January 13, 2014, the net proceeds of the offering will be
used for growth opportunities and general working capital.
The Shares were also offered in the United States on a private placement basis
pursuant to an exemption from the registration requirements of the United
States Securities Act of 1933, as amended.
This news release does not constitute an offer of securities for sale in the
United States. The securities being offered have not been, nor will they be,
registered under the United States Securities Act of 1933, as amended, and
such securities may not be offered or sold within the United States absent
U.S. registration or an applicable exemption from U.S. registration
COMMENTARY REGARDING FORWARD-LOOKING STATEMENTS
This news release may contain "forward-looking information" as defined in
applicable Canadian securities legislation. All statements other than
statements of historical fact, included in this news release, including,
without limitation, statements regarding future plans and objectives of
Clearwater, constitute forward-looking information that involve various known
and unknown risks, uncertainties, and other factors outside management's
control. Forward-looking information is based on a number of factors and
assumptions which have been used to develop such information but which may
prove to be incorrect including, but not limited to, total allowable catch
levels, selling prices, weather, exchange rates, fuel and other input costs.
There can be no assurance that such information will prove to be accurate and
actual results and future events could differ materially from those
anticipated in such forward-looking information.
For additional information with respect to risk factors applicable to
Clearwater, reference should be made to Clearwater's continuous disclosure
materials filed from time to time with securities regulators, including, but
not limited to, Clearwater's Annual Information Form. The forward-looking
information contained in this news release is made as of the date of this news
release and Clearwater does not undertake to update publicly or revise the
forward-looking information contained in this news release, whether as a
result of new information, future events or otherwise, except as required by
applicable securities laws.
No regulatory authority has approved or disapproved the adequacy or accuracy
of this news release.
Clearwater is one of North America's largest vertically integrated seafood
companies and the largest holder of shellfish licenses and quotas in Canada.
It is recognized globally for its superior quality, food safety, diversity of
species and reliable worldwide delivery of premium wild, eco-certified
seafood, including scallops, lobster, clams, coldwater shrimp, crab and
Since its founding in 1976, Clearwater has invested in science, people and
technological innovation as well as resource ownership and management to
sustain and grow its seafood resource. This commitment has allowed it to
remain a leader in the global seafood market and in sustainable seafood
SOURCE Clearwater Seafoods Incorporated
Robert Wight, Chief Financial Officer, Clearwater, (902) 457-2369; Tyrone
Cotie, Treasurer, Clearwater, (902) 457-8181
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CO: Clearwater Seafoods Incorporated
ST: Nova Scotia
NI: FBR FOD FIN FIN
-0- Feb/04/2014 14:12 GMT
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