Conifex Timber announced that it had completed its previously announced bought deal offering, including the exercise in full by the underwriters of their over-allotment option, resulting in aggregate gross proceeds of CAD 10,522,500.
The offering was conducted by way of a short form prospectus dated March 1, 2017 by a syndicate of investment dealers led by Raymond James Ltd. and including CIBC World Markets Inc, who purchased a total of 3,450,000 common shares of Conifex at a price of CAD 3.05 per share.
As it was earlier reported, Conifex primarily intends to use the net proceeds of the offering and the private placement to partially repay outstanding indebtedness under its existing credit facility with Wells Fargo Capital Finance Corporation Canada, which may re-drawn, to partially pay costs of its El Dorado sawmill project and for working capital.
Earlier Conifex Timber appointed a new board member
About Conifex Timber:
The company is publicly listed softwood forest products company operating in the Northern Interior region of British Columbia, Canada. Its primary business is the manufacture of structural grade SPF dimension lumber. Conifex’s operations include timber harvesting, reforestation, forest management, sawmilling logs into lumber and wood chips, and value added lumber finishing. Conifex’s lumber products are sold in the United States, Chinese, Canadian and Japanese markets.