Parties
Company
Hammond Power Solutions Inc.
Company
Acumen Capital Finance Partners Limited
Company
Canaccord Genuity Corp.
Hammond Power Solutions Inc. ("HPS") executed a secondary offering of 434,790 Class A Subordinate Voting Shares on September 25, 2024, priced at CAD 131.00 per share. The gross proceeds from the offering totaled approximately CAD 56,957,490, potentially increasing to CAD 65,500,000 if the over-allotment option is fully exercised. The offering was conducted by 1000925271 Ontario Inc., a wholly-owned subsidiary of Arathorn Investments Inc., with the company itself not receiving any proceeds.
The underwriters for the transaction, Acumen Capital Finance Partners Limited and Canaccord Genuity Corp., were granted an over-allotment option of 65,210 additional shares. The underwriters' fee was set at 5% of the gross proceeds, amounting to approximately CAD 2,847,875. After deducting this fee, the net proceeds to the selling securityholder totaled about CAD 54,109,615.
The closing of the offering was expected to occur on or about September 27, 2024. The offering was conducted in all Canadian provinces, excluding Québec, and was based on an underwriting agreement. Legal advisors included Dentons Canada LLP for Hammond Power Solutions and Bennett Jones LLP for the underwriters. The offering was designed to provide increased market liquidity for HPS shares, which are listed on the Toronto Stock Exchange under the symbol "HPS.A."
Deal Type
Public/Private OfferingIndustry
EnergyTransaction
$ 56,957,490Deal Status
ClosedClosing Date
27 September 2024