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Wayland Group (WAYL) (MRRCF) Announces Closing of Bought Deal Financing of $50 Million

676 views · Published 31 October 2018 · 4:31 · Indexed 23 September 2026

Channel: RICH TV SHOW · 2018 · News & Politics

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Wayland Group (WAYL) (MRRCF) Announces Closing of Bought Deal Financing of $50 Million - RICH TV LIVE - October 31, 2018 - Wayland Group (CSE:WAYL) (FRANKFURT: 75M) (OTCQB:MRRCF) (“Wayland” or the “Company”) announced today that it has closed its previously announced bought deal financing of units (the “Units”) at a price of $1.65 per Unit (the “Offering Price”) for aggregate gross proceeds of $50,077,500 (the “Offering”).

Each Unit consists of one common share (a "Common Share") and one-half of one common share purchase warrant (each full common share purchase warrant, a "Warrant") of the Company. Each Warrant is exercisable to acquire one Common Share for a period of three years at an exercise price of $2.15 per Common Share, subject to adjustment in certain events. In the event that the volume weighted average trading price of the Common Shares for 10 consecutive trading days exceeds $3.25, the Company shall have the right to accelerate the expiry date of the Warrants upon not less than 30 days' notice.

The Units were offered and sold by way of a short form prospectus filed in each of the provinces of Canada, other than Quebec, and offered and sold elsewhere outside Canada on a private placement basis.   The Company intends to use the net proceeds from the Offering for expansion of its facility at 138, 8th Concession Road in Langton, Ontario and for working capital and general corporate purposes.

The Offering was completed by a syndicate of underwriters led by Canaccord Genuity Corp. and including Haywood Securities Inc., AltaCorp Capital Inc., and GMP Securities L.P. (collectively, the “Underwriters”).

The Company granted the Underwriters an over-allotment option to purchase up to an additional 4,552,500 Units at the Offering Price, exercisable in whole or in part, at any time and from time to time on or prior to November 30, 2018. The over-allotment option may be exercised to acquire Units, Common Shares and/or Warrants of the Company. If the over-allotment option is exercised in full, an additional $7,511,625 in gross proceeds will be raised pursuant to the Offering and the aggregate gross proceeds of the Offering will be $57,589,125.
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