Press release from CNW Group
AutoCanada Inc. Closes $132.3 Million Treasury and Secondary Common Share Offering
Monday, June 03, 2013
AutoCanada Inc. Closes $132.3 Million Treasury and Secondary Common Share Offering08:52 EDT Monday, June 03, 2013
/NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR DISSEMINATION IN THE UNITED STATES/
EDMONTON, June 3, 2013 /CNW/ - AutoCanada Inc. ("AutoCanada" or the "Company") (TSX:ACQ) is pleased to announce that it has closed its previously announced public offering of common shares. With exercise of the over-allotment option, the Company issued 1,840,000 common shares from treasury at a price of $25.00 per share for gross proceeds of $46,000,000. Concurrently, Canada One Auto Group Ltd. and its subsidiaries (collectively, "CAG") sold an aggregate of 3,450,000 common shares for gross proceeds $86,250,000, for a combined offering of $132,250,000. Following completion of the offering, CAG owns approximately 22.9% of AutoCanada's issued and outstanding common shares.
The Company filed a short form prospectus in each of the provinces of Canada except Quebec on May 27, 2013 in connection with the treasury and secondary offerings.
Further Information on the Offering
This press release does not constitute an offer to sell or the solicitation of an offer to buy any securities of AutoCanada in the United States. The common shares described in this press release have not been and will not be registered under the United States Securities Act of 1933, as amended, or the securities laws of any state and may not be offered, sold or delivered in the United States absent an exemption from registration.
AutoCanada is one of Canada's largest multi-location automobile dealership groups, currently operating 30 franchised dealerships in six provinces and has over 1,200 employees. AutoCanada currently sells Chrysler, Dodge, Jeep, Ram, FIAT, Chevrolet, GMC, Buick, Infiniti, Nissan, Hyundai, Subaru, Mitsubishi, Audi, and Volkswagen branded vehicles. In 2012, our dealerships sold approximately 30,000 vehicles and processed approximately 309,000 service and collision repair orders in our 333 service bays during that time.
Additional information about AutoCanada Inc. is available at www.sedar.com and the Company's website at www.autocan.ca.
SOURCE: AutoCanada Inc.
For further information:
Tom Orysiuk, CA
Chief Financial Officer
Phone: (780) 732-3139