Xebec Adsorption Inc. (TSX-V:XBC) is pleased to announce that it has closed its previously announced short form prospectus offering through a syndicate of agents led by Beacon Securities Limited and including Paradigm Capital Inc. In connection with the closing of the Offering, the Company issued a total of 8,208,666 Units at a price of $0.75 per Unit, for aggregate gross proceeds of $6,156,499.50. Each Unit is comprised of one common share of the Company and one half of one common share purchase warrant. Each Warrant entitles the holder thereof to purchase one Common Share, at a price of $1.05 per Common Share, for a period of 18 months from the closing date of the Offering.
The Agents have the option to offer for sale up to an additional 15% of the aggregate number of Units, Common Shares, Warrants, or any combination thereof sold under, and on the same terms as, the Offering, exercisable, in whole or in part, at any time up to 30 days from the closing date of the Offering to cover over-allotments, if any, and for market stabilization purposes.
In connection with the Offering, the Company paid to the Agents a cash commission equal to 6% of the gross proceeds of the Offering, including any proceeds raised pursuant to the exercise of the Over-Allotment Option. The Company also granted the Agents non-transferable options entitling the Agents to purchase such number of Common Shares equal to 6% of the aggregate number of Units issued by the Company under the Offering, each such Compensation Option entitling the holder thereof to acquire one Common Share at an exercise price of $0.75 for a period of 18 months from the closing date of the Offering.
The Company intends to use the net proceeds of the Offering to fund new project development initiatives in the renewable gas generation sector, potential merger and acquisition opportunities involving potential targets in industrial business segments, research and development, capital equipment and general corporate purposes.
The Offering was made pursuant to a short form prospectus dated October 25, 2018, filed with the securities regulatory authorities in each of the provinces of Canada, pursuant to National Instrument 44-101 – Short Form Prospectus Distributions.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in the United States or in any other jurisdiction in which such offer, solicitation or sale would be unlawful. The securities have not been registered under the U.S. Securities Act of 1933, as amended, and applicable U.S. state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements thereunder.
Xebec Adsorption Inc. is a global provider of gas generation, purification and filtration solutions for the industrial, energy and renewables marketplace. Its customers range from small to multinational corporations and governments looking to reduce their carbon footprints. Headquartered in Montreal (QC), Xebec designs, engineers and manufactures innovative and transformative products, and has more than 1,500 customers worldwide. With two manufacturing facilities in Montreal and Shanghai, as well as a sales and distribution network in North America, Europe, and Asia.
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