Tuesday, June 11, 2019 5:19:27 PM
MONTREAL, June 11, 2019 (GLOBE NEWSWIRE) -- Xebec Adsorption Inc. ("Xebec" or the "Corporation") (TSXV:XBC) is pleased to announce that it has entered into an agreement with a syndicate of underwriters led by Desjardins Capital Markets (the “Underwriters”) pursuant to which the Underwriters have agreed to purchase on a bought deal basis 7,200,000 units (the “Units”) at a price of $1.40 per Unit (the “Offering Price”) for aggregate gross proceeds to Xebec of $10,080,000 (the “Offering”).
Each Unit will consist of one common share of the Corporation (a "Common Share") and one common share purchase warrant (each common share purchase warrant, a "Warrant"). Each Warrant will entitle the holder thereof to purchase one Common Share, at a price of $1.85 per Common Share, for a period of 12 months from the closing date of the Offering.
The Corporation has granted the Underwriters an option, exercisable, in whole or in part, at any time until and including 30 days following the closing of the Offering, to purchase up to an additional 15% of the Offering at the Offering Price to cover over-allotments, if any. The Underwriters can elect to exercise the Over-Allotment Option for Units only, for Warrants only, or any combination thereof. If the Over-Allotment Option is exercised in full, the total gross proceeds of the Offering will be $11,592,000.
The Units will be offered by way of short form prospectus to be filed in each of the provinces of Canada and in the United States by way of private placement pursuant to the exemption from registration provided for under Rule 144A of the United States Securities Act of 1933, as amended, and in such other jurisdictions outside of Canada and the United States as are agreed to by the Corporation and the Underwriters, in each case provided that no prospectus, registration statement or other similar document is required to be filed in such jurisdiction and that the Corporation will not be or become subject to any continuous disclosure obligations in such jurisdiction.
The Corporation intends to use the net proceeds from the Offering to develop and invest in new RNG projects, to expand its monitoring and service capabilities through selective acquisitions and for general corporate purposes.
The Offering is expected to close on or about July 4, 2019 (the "Closing Date") and is subject to certain conditions including, but not limited to, the receipt of all necessary regulatory and stock exchange approvals, including the approval of the TSX Venture Exchange and the applicable securities regulatory authorities.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and applicable U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.
For more information:
Xebec Adsorption Inc.
Sandi Murphy, Director, Investor Relations and Marketing
+1 450.979.8718 smurphy@xebecinc.com
Kurt Sorschak, President and Chief Executive Officer
ksorschak@xebecinc.com
About Xebec Adsorption Inc.
Xebec Adsorption Inc. is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Its customers range from small to multi-national corporations and governments looking to reduce their carbon footprints. Headquartered in Montreal (QC), Xebec designs, engineers and manufactures innovative and transformative products, and has more than 1,500 customers worldwide. With two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution network in North America, Europe, and Asia, Xebec trades on the TSX Venture Exchange under the symbol XBC. For additional information on the Corporation, its products and services, visit Xebec at xebecinc.com.
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