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ADF Group announces closing of US$10.9 million bought deal financing

Fasken
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ADF Group

On June 20, 2007, ADF GROUP INC. announced the closing of the "bought deal" offering of 3,902,475 subordinate voting shares at a price of $3.50 per share for net proceeds to the Company of $10,972,500. The syndicate of underwriters was led by GMP Securities L.P. and included Northern Securities Inc. and Laurentian Bank Securities Inc. The offering consisted of the issuance and sale by the Company of 3,300,000 Subordinate Voting Shares and the sale by Groupe JPMP Inc. and Tecno-Centre Quebec Inc. two entities directly and indirectly controlled by Jean, Pierre and Marise Paschini, of 334,951 and 267,524 Subordinate Voting Shares respectively. The Company intends to use between $7,000,000 and $8,000,000 of the net proceeds to repay its long-term debt in part and the remaining portion for general corporate purposes, including the potential acquisition of fixed assets. After giving effect to the secondary offering, JPMP continues to hold 1,000,000 issued and outstanding Subordinate Voting Shares, which represent 5.10% of all the issued and outstanding Subordinate Voting Shares. Tecno-Centre no longer holds issued and outstanding securities of the Company. Jean, Pierre and Marise Paschini also continue to indirectly hold all of the 14,343,107 issued and outstanding multiple voting shares of the Company. JPMP currently has no intention to sell additional securities of ADF in the near future. ADF Group was represented by Fasken Martineau with a team that included Frédéric Boucher, Jean-Michel Lapierre, Nicolas Morin and Gilles Carli (tax).

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