ADENTRA Inc. successfully completed an offering of 2,246,000 common shares at a price of $38.75 per share, generating gross proceeds of approximately $87 million. The offering was executed under an underwriting agreement dated June 7, 2024, with National Bank Financial Inc. and Cormark Securities Inc. serving as co-lead managers and joint bookrunners. The syndicate also included CIBC World Markets Inc., Scotia Capital Inc., Stifel Nicolaus Canada Inc., Acumen Capital Finance Partners Limited, Canaccord Genuity Corp., and Raymond James Ltd.

The underwriters were paid a commission of 4% of the gross proceeds, totaling $3.48 million, resulting in net proceeds of approximately $83.55 million to ADENTRA. The transaction, which closed on June 12, 2024, included an over-allotment option for an additional 336,900 shares, potentially increasing the total proceeds to $100.1 million.

Osler, Hoskin & Harcourt LLP provided legal counsel to ADENTRA, while the underwriters were advised by Blake, Cassels & Graydon LLP. The common shares are listed on the Toronto Stock Exchange under the symbol “ADEN,” with the offering approved for listing subject to customary conditions.