Theratechnologies to raise $9.6-million at $2.40
2015-07-23 17:42 ET - News Release
Mr. Denis Boucher reports
THERATECHNOLOGIES ANNOUNCES $9,600,000 FIRM OFFERING OF UNITS AND FILING OF PRELIMINARY SHORT FORM PROSPECTUS
Theratechnologies Inc. has filed and obtained a receipt for a preliminary short form prospectus and has entered into a firm underwriting agreement with a syndicate of underwriters led by Euro Pacific Canada Inc. and including Mackie Research Capital Corporation in connection with an offering of four million units at a price of $2.40 per unit for gross proceeds of $9.6-million. Each unit shall consist of one common share and one-half of a common share purchase warrant exercisable for a period of 24 months from the closing date of the offering at an exercise price of $3.00.
Theratechnologies has also granted the underwriters an option to purchase up to 600,000 additional units, representing 15 per cent of the number of units offered hereby, at the same price and on the same terms and conditions as the offering, exercisable in whole or in part at any time not later than the 30th day following the closing of the offering to cover any overallotments and for market stabilization purposes.
Theratechnologies intends to use the net proceeds of the offering for working capital purposes and for general corporate purposes, including the commercialization activities relating to the company's product, Egrifta. Pursuant to the offering, the units will be offered in all provinces of Canada by way of a short form prospectus and in the U.S. on a private placement basis pursuant to exemptions from registration requirements. Closing of the offering is expected to occur on or about Aug. 7, 2015, and is subject to certain customary conditions including, but not limited to, the receipt of all necessary approvals including the approval of the Toronto Stock Exchange.