North American Construction Group Ltd. Announces Completion of $55 Million Offering of 5.00% Convertible Unsecured Subordinat...
March 20 2019 - 8:50AM
NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR
DISSEMINATION IN THE U.S.
North American Construction Group Ltd. (“NACG” or the “Company”)
(TSX/NYSE: NOA) is pleased to announce the closing of its
previously announced offering (the “Offering”) of 5.00% convertible
unsecured subordinated debentures of the Company (the “Debentures”)
for aggregate gross proceeds of $55.0 million. A syndicate of
underwriters (the “Underwriters”) co-led by National Bank Financial
Inc. and Canaccord Genuity Corp. and including CIBC World Markets
Inc., RBC Dominion Securities Inc., Scotia Capital Inc., Raymond
James Ltd., Industrial Alliance Securities Inc., PI Financial Corp.
and Acumen Capital Finance Partners Limited acted as underwriters
for the Offering. The Debentures commence trading on the TSX today
under the symbol NOA.DB.A.
In connection with the Offering, the Company has
also granted the Underwriters an over-allotment option to purchase
up to an additional $8.25 million aggregate principal amount of
Debentures, on the same terms and conditions of the Offering,
exercisable in whole or in part at any time for a period of up to
30 days following closing of the Offering.
NACG intends to use the net proceeds of the
Offering to partially repay amounts outstanding under the Company’s
credit facility, which remains available for use by the Company for
future growth opportunities, such as potential acquisitions of
equipment and any assets or businesses complimentary to the
Company’s business that may become available and for the Company’s
day to day activities.
The Debentures have not been and will not be
registered under the U.S. Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of such
Act. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction.
About the Company
North American Construction Group Ltd.
(www.nacg.ca) is one of Canada’s largest providers of heavy
construction and mining services. For more than 60 years, NACG has
provided services to large oil, natural gas and resource
companies.
For further information, please contact:
David Brunetta, CPA, CMADirector, Investor
RelationsNorth American Construction Group Ltd.Phone: (780)
969-5574Email: dbrunetta@nacg.ca
Forward-Looking Information
The information provided in this release
contains forward-looking statements. Forward-looking statements
include statements preceded by, followed by or that include the
words “expect”, “may”, “could”, “believe”, “anticipate”,
“continue”. “should”, “estimate”, “potential”, “likely”, “target”
or similar expressions. The material factors or assumptions used to
develop the above forward-looking statements include, and the risks
and uncertainties to which such forward-looking statements are
subject, are highlighted in the Company’s Management’s Discussion
and Analysis (“MD&A”) for the quarter ended December 31, 2018
and the Company’s annual MD&A for the year ended December 31,
2018. Actual results could differ materially from those
contemplated by such forward-looking statements as a result of any
number of factors and uncertainties, many of which are beyond
NACG’s control. Undue reliance should not be placed upon
forward-looking statements and NACG undertakes no obligation, other
than those required by applicable law, to update or revise those
statements. For more complete information about NACG, you should
read the Company’s disclosure documents filed with the SEC and the
CSA. You may obtain these documents for free by visiting EDGAR on
the SEC website at www.sec.gov or on the CSA website at
www.sedar.com.
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