On February 17, 2021, UGE International Ltd. closed a bought deal private placement of 2,645,000 units at a price of $2.65 per unit for aggregate gross proceeds of approximately US$7 million, which includes the exercise in full of the underwriters’ over-allotment option. Each unit is comprised of one common share and one-half of one common share purchase warrant of UGE. Each warrant entitles the holder to acquire one share at a price of $3.30 for a period of 24 months following the closing of the offering.
The offering was conducted by a syndicate of underwriters led by Eight Capital, and including PI Financial Corp. and Echelon Wealth Partners Inc.
Cassels acted for the underwriters with a deal team that included Sean Maniaci, Jamie Litchen, David Singh and Thea Gaertner (Securities and Energy).