Ag Growth International Inc., a Canadian grain handling, storage, and conditioning equipment manufacturer, announced that it has closed its previously announced public offering of 1.8 million common shares at a price of $61.50 per common share for gross proceeds of approximately $115 million, which includes the exercise in full of the over-allotment option granted to the underwriters for additional gross proceeds of approximately $15 million.
AGI intends to use the net proceeds of the offering to partially repay outstanding indebtedness under its credit facilities, to pursue potential acquisition opportunities and for working capital and general corporate purposes.
A syndicate book run by CIBC Capital Markets and National Bank Financial Inc. and including TD Securities Inc., Scotia Capital Inc., RBC Dominion Securities Inc., Raymond James Ltd., HSBC Securities (Canada) Inc., Cormark Securities Inc. and Laurentian Bank Securities Inc. acted as underwriters for the offering.
The common shares are listed for trading on the Toronto Stock Exchange under the symbol AFN.