On May 25, 2016, ProMetic Life Sciences Inc. (ProMetic) completed its bought-deal public offering of common shares through a syndicate of underwriters led by RBC Capital Markets and Canaccord Genuity Corp., and that included Scotiabank, CIBC Capital Markets, National Bank Financial Inc., Paradigm Capital Inc. and Beacon Securities Ltd. (collectively, the Underwriters). ProMetic issued 19,400,000 common shares of the corporation in connection with the offering at a price of $3.10 per share for aggregate gross proceeds of $60,140,000.
ProMetic also completed its concurrent private placement with Structured Alpha LP (SALP), an affiliate of Thomvest Asset Management Inc. This concurrent private placement was entered into following the exercise by SALP of its pre-emptive right to participate in any future public offering of ProMetic’s common shares. The private placement is for the subscription of 1,921,776 common shares of the corporation at a price of $3.10 per common share, which will be satisfied by the cancellation of indebtedness owing to SALP by ProMetic.
ProMetic Life Sciences Inc. was represented by Borden Ladner Gervais LLP with a team led by Pascal de Guise that included Yaniv Saragosti, Melissa Azuelos and Lyne St. Pierre. Cooley LLP represented ProMetic Life Sciences Inc. in the US with a team that comprised Div Gupta, Marc Recht, Rich Segal and Esther Cho.
The underwriters were represented by Martin Langlois, Ryan Kirvan, J.B. Elliott and Paul Burd (securities) and Katy Pitch (tax) of Stikeman Elliott LLP.