Bedford, Nova Scotia, Canada-headquartered Clearwater Seafoods Inc. announced on January 13 that it has entered into an agreement with a syndicate of investment dealers, co-led by Cormark Securities Inc. and Beacon Securities Limited, for the purchase 3,530,000 common shares of the company at a price of $8.50 per share.
In addition, Clearwater has granted the underwriters an option to purchase up to 529,500 additional shares at the offering price exercisable at any time up to 30 days following the closing, which is expected to occur on or about February 4, and is subject to regulatory approval including that of the Toronto Stock Exchange. Net proceeds from the sale are expected to be utilized as working capital and to seize future growth opportunities.
The shares to be issued will be made available by way of a short form prospectus in each of the provinces of Canada, except Québec, and may be offered in the USA on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, and certain other jurisdictions.
Founded in 1976, Clearwater Seafoods is one of North America’s largest vertically integrated seafood companies and the largest holder of shellfish licenses and quotas in Canada. Its wide assortment of eco-certified products ranges from frozen-at-sea scallops to thaw-and-cook whole frozen lobster, cooked and peeled Canadian coldwater shrimp (Pandalus borealis), Arctic Surf Clams (Mactromeris polynyma), crab and groundfish.
In addition to Canada, Clearwater maintains sales offices in the USA, the United Kingdom and China.
