International specialty insurance holding company Trisura Group has increased the size of its previously announced bought deal public offering to 1,121,000 common shares, for gross proceeds of C$52.5 million.
BMO Capital Markets and Cormark Securities led the offering and have been granted the option to purchase up to an additional 15% of the common shares at the Offering Price to cover over-allotments, if any.
Concurrently, with the closing of the offering, Trisura Group will issue and sell 160,100 of its common shares in a private placement at the C$46.85 per share offering price, for additional gross proceeds of C$7.5 million, with Trisura’s principal shareholder, Partners Value Investments LP. Closing of the offering and the private placement will be conditional on each other.
The company intends to use net proceeds for general corporate purposes including, but not limited to, supporting the growth of its US fronting platform.
The common shares to be issued under the offering will be offered by way of a prospectus supplement to be filed in each of the provinces and territories of Canada, and may be offered in the US on a private placement basis pursuant to an exemption from the registration requirements.
Closing of the offering and the private placement is expected to occur on or around May 15.
