WesternOne closed its previously announced public offering of 5.86 million common shares on a bought-deal basis, at a price of $7.68 per common share, for total gross proceeds of $45,004,800. WesternOne intends to use the net proceeds from the offering to fund its capital expenditure program, for debt repayment and working capital requirements and other corporate purposes.
WesternOne’s capex program involves the purchase of additional rental fleet equipment, modular space structures for lease and production equipment. Capex may also be used for production plant upgrades.
The offering was conducted through a syndicate of underwriters co-led by National Bank Financial and Canaccord Genuity Corp.; Raymond James Ltd.; Scotia Capital Inc.; Dundees Securities Ltd.; GMP Securities; HSBC Securities Canada Inc.; BMO Nesbit Burns Inc. and Bureonvest Bick Securities Ltd.
Based in Vancouver, B.C., Canada, WesternOne Rentals & Sales is No. 48 on the RER 100.