TORONTO (Reuters) —AGT Food and Ingredients of Regina plans to raise $80 million in an equity offering.
The proceeds will be used to expand the Regina company’s food and packaged food segments and other growth plans.
The “bought deal” offering, which is co-led by Cormark and GMP Securities, is priced at $28 a share, a five percent discount to AGT’s closing price of $29.46 Oct. 21 on the Toronto Stock Exchange.
A bought deal occurs when an underwriter or syndicate buys shares from an issuer at a set price before selling them to the public.
The offering is expected to close on or around Nov. 13.
The aggregate proceeds from the offering will be about $92 million if the over-allotment option is exercised in its entirety.
