Loyalist Completes Convertible Debenture Offering
05 Dezembro 2013 - 2:47PM
Marketwired
Loyalist Completes Convertible Debenture Offering
TORONTO, ONTARIO--(Marketwired - Dec 5, 2013) - Loyalist Group
Limited (TSX-VENTURE:LOY) (the "Company") announces that it has
closed the previously announced offering (the "Offering") of 7.5%
unsecured subordinated debentures due November 30, 2018 (the
"Debentures"), for gross proceeds of $5,250,000. In connection with
the Offering, Beacon Securities Limited and Cormark Securities Inc.
acted as the underwriters (the "Underwriters") and received an
aggregate commission of $257,125 and 428,541 compensation options.
Compensation options are exercisable at an exercise of $0.60 for a
period of 24 months following the closing date.
The Debentures and the common shares to be issued on exchange of
the Debentures are subject to a hold period in Canada until April
6, 2014. The common shares to be issued on the exercise of the
compensation options are also subject to a hold period in Canada
until April 6, 2014. The Offering is subject to receipt of the
final approval of the TSX Venture Exchange.
"The closing of this financing sends a clear message that there
is continued support for Loyalist and its roll-up strategy. I would
like to thank the Underwriters for their efforts in closing this
financing on a timely basis. The Company remains focused on the
continued initiatives of negotiating accretive transactions and the
integration of operations in an orderly and efficient manner",
stated Andrew Ryu, CEO of Loyalist.
This news 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 any jurisdiction in which such offer, solicitation or
sale would be unlawful.
About Loyalist
Loyalist owns and operates private English as a Second Language
(ESL) Schools, Career Colleges and Community Colleges in Toronto,
Vancouver, Victoria and Halifax.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
Loyalist Group LimitedAndrew RyuPresident and
CEO416-969-9800aryu@loyalistgroup.comLoyalist Group LimitedDavid
McAdamVice President- Corporate
Development604-961-3513dmcadam@loyalistgroup.com
Loyalist Group Limited (TSXV:LOY)
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