On May 9, 2024, TerraVest Industries Inc. announced an equity offering of 1,134,000 common shares at $74.25 per share, achieving gross proceeds of $84,199,500. The underwriting syndicate included National Bank Financial Inc., Canaccord Genuity Corp., Desjardins Securities Inc., CIBC World Markets Inc., and Scotia Capital Inc., who received a 4% underwriting fee, totaling approximately $3.37 million. After deducting this fee and offering expenses of $540,000, TerraVest’s net proceeds amounted to approximately $80.8 million. The funds will support TerraVest’s growth initiatives, debt repayment, and general corporate purposes.

Legal counsel was provided by McCarthy Tétrault LLP for TerraVest and Blake, Cassels & Graydon LLP for the underwriters. The offering closed on May 15, 2024, and includes a 30-day over-allotment option for underwriters to purchase an additional 166,000 shares, which could increase total proceeds to $96.5 million if fully exercised.