Big Rock Brewery announces issuance of more than 799,000 common shares at price of C$17/share; gross proceeds total C$13.6M
April 10, 2014
– Big Rock Brewery Inc. (TSX:BR) ("the Company" or "Big Rock") is pleased to announce that it has closed its previously announced bought deal offering and has issued 799,250 common shares of Big Rock ("Common Shares") at a price of $17.00 per Common Share, which includes the exercise in full of the over-allotment option granted to the underwriter (the "Offering") for aggregate gross proceeds of $13,587,250. Cormark Securities Inc. acted as the sole underwriter.
The net proceeds of the Offering will be used to repay the aggregate amount outstanding under the revolving operating loan facility of the Company in the amount of approximately $2.7 million as at March 20, 2014 and for future expenditures anticipated to be incurred in connection with the construction and launch of the Company's new British Columbia brewery and restaurant, which is currently anticipated to be approximately $3.0 million. The remaining net proceeds of the Offering are expected to be used to further geographical expansion growth opportunities in the Company's other key markets of Ontario, Manitoba and/or Saskatchewan.
This press release does not constitute an offer of securities for sale in the United States. The Common Shares offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended, and such Common Shares may not be offered or sold within the United States absent U.S. registration or an applicable exemption from U.S. registration requirements.
About Big Rock Brewery Inc.:
Big Rock Brewery Inc. produces premium, all-natural craft beers. Big Rock boasts a family of exceptional ales and lagers, Rock Creek Cider®, an ongoing selection of seasonal beers released through the Brewmaster's Limited Edition and cutting-edge, small-batch brews released through the Alchemist Edition.
For more information on Big Rock Brewery visit bigrockbeer.com