North American Construction Group Ltd. Announces Full Exercise of the Over-Allotment Option
June 02 2021 - 7:55AM
North American Construction Group Ltd. (“NACG” or the “Company”)
(TSX/NYSE: NOA) is pleased to announce that the Underwriters (as
defined below) have exercised their over-allotment option (the
“Over-Allotment Option”), in full, to purchase an additional $9.75
million aggregate principal amount of 5.50% convertible unsecured
subordinated debentures of the Company (the “Debentures”), on the
same terms and conditions of the Company’s recently completed
offering of Debentures (the “Offering”), for aggregate gross
proceeds to the Company of $74,750,000.
The Offering was completed through a syndicate
of underwriters led by National Bank Financial Inc. and including
Canaccord Genuity Corp., CIBC World Markets Inc., Scotia Capital
Inc., TD Securities Inc., ATB Capital Markets Inc., BMO Nesbitt
Burns Inc., and Raymond James Ltd. (collectively, the
“Underwriters”).
As previously announced, NACG intends to use the
net proceeds of the Offering primarily to repay senior indebtedness
under the Company’s revolving credit facility, which revolving
credit facility, and future borrowings under such credit facility,
may continue to be used for general corporate purposes.
The Debentures have not been and will not be
registered under the U.S. Securities Act of 1933 and may not be
offered or sold in the United States absent registration or an
applicable exemption from the registration requirements of such
Act. This news release shall not constitute an offer to sell or the
solicitation of an offer to buy securities in any jurisdiction.
About the Company
North American Construction Group Ltd.
(www.nacg.ca) is one of Canada’s largest providers of heavy
construction and mining services. For more than 65 years, NACG has
provided services to large resource-based companies.
For further information, please contact:
Jason Veenstra, CPA, CAChief Financial OfficerNorth
American Construction Group Ltd.Phone: (780) 948-2009Email:
jveenstra@nacg.ca
Forward-Looking Information
The information provided in this release
contains forward-looking information and forward-looking statements
(together, “forward-looking statements”). Forward-looking
statements include statements preceded by, followed by or that
include the words “expect”, “may”, “could”, “believe”,
“anticipate”, “continue”, “should”, “estimate”, “potential”,
“likely”, “target” or similar expressions. The material factors or
assumptions used to develop the above forward-looking statements
include, and the risks and uncertainties to which such
forward-looking statements are subject, are highlighted in the
Company’s Management’s Discussion and Analysis for the year ended
December 31, 2020 and the Company’s annual information form dated
February 17, 2021. Actual results could differ materially from
those contemplated by such forward-looking statements as a result
of any number of factors and uncertainties, many of which are
beyond NACG’s control. Undue reliance should not be placed upon
forward-looking statements and NACG undertakes no obligation, other
than those required by applicable law, to update or revise those
statements. For more complete information about NACG, you should
read the Company’s disclosure documents filed with the SEC and the
CSA. You may obtain these documents for free by visiting EDGAR on
the SEC website at www.sec.gov or SEDAR on the CSA website at
www.sedar.com.
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