Innovative Composites Announces $10.1 Million Bought Public Equity Offering
November 24 2011 - 10:39PM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ TORONTO, Nov. 28, 2011 /CNW/ -
Innovative Composites International Inc. (the "Company" or "ICI")
is pleased to announce that it has entered into an agreement with a
syndicate of underwriters, co-led by Canaccord Genuity Corp., and
Clarus Securities Inc., which have agreed to purchase, on a bought
deal basis, 13,400,000 common shares (the "Common Shares") of the
Company at a price of $0.75 per Common Share, for aggregate gross
proceeds of approximately $10.1 million (the "Offering"). The
underwriters will also have the option (the "Over-Allotment
Option"), exercisable in whole or in part at any time up to 30 days
after the closing of the Offering, to purchase up to an additional
15% of the Offering solely to cover over-allotments, if any, and
for market stabilization purposes. In the event that the
option is exercised in its entirety, the aggregate gross proceeds
of the Offering will be approximately $11.6 million. A preliminary
short form prospectus will be filed in connection with the Offering
in all provinces of Canada. The Company plans to use the net
proceeds for plant expansion and general corporate purposes. The
common shares being sold pursuant to the offering have not, and
will not be, registered under the United States Securities Act of
1933 (the "1933 Act") and may not be offered or sold in the United
States or to, or for the account or benefit of, U.S. Persons (as
such term is defined in Regulation S under the 1933 Act) absent
registration under the 1933 Act or an applicable exemption from the
registration requirements thereof. The offering is subject to
certain conditions including, but not limited to, the execution of
a definitive underwriting agreement with the underwriters and
receipt of all necessary approvals, including the approval of the
TSX Venture Exchange and the applicable securities regulatory
authorities. About Innovative Composites International Inc.
Innovative Composites International is an integrated high-tech
engineering and manufacturing company that commercializes an IP
protected line of state-of-the-art composite products for
applications in the housing, construction and transportation
industries. The company, with offices in Toronto and a
manufacturing facility in Sault Sainte Marie, Michigan, is led by
an executive and engineering team that has more than 100 years of
experience in the high-tech manufacturing sector. Since its
inception in 2007 ICI has negotiated and signed significant
partnership deals with leaders in its multi-billion target markets,
providing its partners with competitive advantages over other
providers in their industries. To find out more about Innovative
Composites International Inc. , please visit our website at
http://www.innovativecompositesinc.com Neither TSX Venture Exchange
nor its Regulation Services Provider (as that term is defined in
the policies of the TSX Venture Exchange) accepts responsibility
for the adequacy or accuracy of this release. Statements made in
this press release include forward-looking statements that involve
a number of risks and uncertainties. These statements relate to
future events or future performance and reflect management's
current expectations and assumptions. A number of factors could
cause actual events, performance or results to differ materially
from the events, performance and results discussed in the
forward-looking statements, such as the economy, generally,
competition in its target markets, the demand for ICI's products
and the availability of funding. These forward-looking statements
are made as of the date hereof and ICI does not assume any
obligation to update or revise them to reflect new events or
circumstances. Actual events or results could differ materially
from ICI's expectations and projections. Innovative Composites
International Inc. CONTACT: Ilja TroitschanskiChief Financial
Officer(416) 646 0754 x 100ilja@innovativecompositesinc.com
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