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RELEASE, PUBLICATION, DISTRIBUTION OR DISSEMINATION DIRECTLY, OR
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WINNIPEG, MB, Feb. 9, 2021 /CNW/ - Pollard Banknote
Limited (TSX: PBL) ("Pollard Banknote" or the "Company"), a
leading lottery partner that provides instant tickets, iLottery
solutions, charitable gaming products, and a complete array of
offerings to the lottery and charitable gaming markets, is pleased
to announce that it has entered into an agreement with a syndicate
of underwriters led by Acumen Capital Finance Partners Limited
(together, the "Underwriters") to purchase on a bought deal
basis 812,000 common shares of Pollard Banknote
("Common Shares") at a price of $36.95 per Common Share (the "Offering Price")
for gross proceeds to the Company of approximately $30.0 million (the "Offering").
The Company has granted the Underwriters an over-allotment
option exercisable at any time up to 30 days following the closing
of the Offering, to purchase up to an additional 121,800 Common
Shares at a price per Common Share equal to the Offering Price. In
the event that the over-allotment option is exercised in full, the
gross proceeds of the Offering will be approximately $34.5 million.
The Company expects to use the net proceeds from the Offering to
repay indebtedness under the Company's credit facility incurred in
the recent acquisitions of Compliant Gaming LLC and Next Generation
Lotteries AS.
The Common Shares will be offered by way of a short form
prospectus to be filed with the securities commissions and other
similar regulatory authorities in each of the provinces and
territories of Canada pursuant to
National Instrument 44-101 Short Form Prospectus
Distributions, and in the United
States on a private placement basis pursuant to an exemption
from the registration requirements of the United States Securities
Act of 1933, as amended.
The closing of the Offering is scheduled to occur on or about
March 2, 2021, 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 and the securities regulatory authorities, and the
satisfaction of other customary closing conditions.
This press release shall not constitute an offer to sell
or the solicitation of an offer to buy the Common Shares in
the United States nor shall there
be any sale of the Common Shares in any jurisdiction in which such
offer, solicitation or sale would be unlawful. The Common Shares
offered under the Offering have not been, and will not be,
registered under the United States Securities Act of 1933, as
amended, or the securities laws of any state of the United States. Accordingly, the Common
Shares offered under the Offering may not be offered or sold in
the United States or to U.S.
persons unless an exemption from registration is
available.
About Pollard Banknote
Pollard Banknote is a leading lottery partner to more than 60
lotteries worldwide, providing high quality instant ticket
products, licensed games, Schafer Systems and Fastrak retail
merchandising solutions, and a full suite of digital offerings,
ranging from world-class mkodo game apps to comprehensive player
engagement and iLottery solutions, including strategic marketing
and management services. The company is a proven innovator and has
decades of experience helping lotteries to maximize player
engagement, sales, and proceeds for good causes. Pollard Banknote
also provides pull-tab tickets, bingo paper, and its Diamond Game and Compliant Gaming electronic
games and devices to charitable and other gaming markets in North
America. Established in 1907, Pollard Banknote is owned
approximately 66.7% by the Pollard family and 33.3% by public
shareholders (prior to giving effect to the offering) and is
publicly traded on the TSX (PBL). For more information, please
visit our website at www.pollardbanknote.com.
Forward-looking Statements
Certain statements in this press release may constitute
"forward-looking" statements and information, which involve known
and unknown risks, uncertainties, and other factors that may cause
actual results, performance, or achievements to be materially
different from any future results, performance, or achievements
expressed or implied by such forward-looking statements. When used
in this document, such statements include such words as "may,"
"will," "expect," "believe," "plan," and other similar terminology.
These statements reflect management's current expectations
regarding future events and operating performance and speak only as
of the date of this document. There should not be an expectation
that such information will in all circumstances be updated,
supplemented, or revised whether as a result of new information,
changing circumstances, future events, or otherwise.
SOURCE Pollard Banknote Limited