NOT FOR DISTRIBUTION TO THE UNITED STATES NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
TORONTO, Oct. 15, 2024 (GLOBE NEWSWIRE) -- Stack Capital Group Inc., (the "Company") (TSX:STCK) is pleased to announce that it has entered into an agreement with Raymond James Ltd., Canaccord Genuity Corp., RBC Capital Markets, and TD Securities Inc., as co-lead agents and joint bookrunners, on behalf of a syndicate of Agents, in connection with a "best efforts" private placement (the "Offering") of up to 1,318,181 units (the "Units") of the Company for aggregate gross proceeds of up to $14.5 million, priced at $11.00 per Unit (the "Issue Price").
Each Unit will be comprised of one common share (a "Common Share") and one half of one common share purchase warrant of the Company (each common share purchase warrant, a "Warrant"). Each Warrant shall be exercisable to acquire one common share of the Company (a "Warrant Share") for a period of 36 months following the Closing Date (as hereinafter defined) at an exercise price of $11.00 per Warrant Share, subject to adjustment in certain events.
In addition, the Company will grant the Agents an option (the "Agents Option") to arrange for the purchase of up to such number of additional Units as is equal to 15% of the Units offered under the base Offering, being up to an additional 197,727 Units, at the Issue Price. The Agents Option shall be exercisable, in whole or in part, at any time for a period ending 48 hours prior to the Closing Date (as defined below).
The net proceeds of the offering will be used for general corporate purposes and investments in accordance with the Company's investment principles.
The Offering is expected to close on or before October 30, 2024 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange (the "TSX").
The Offering will be made by ...
