Clearwater Seafoods Incorporated ("the Company" or "Clearwater") is pleased to announce that it has entered into an agreement with a syndicate of investment dealers co-led by Cormark Securities Inc. and Beacon Securities Limited (the "Underwriters") pursuant to which the Underwriters have agreed to purchase 3,530,000 common shares ("Shares") from the treasury of the Company, at a price of $8.50 per Share and offer them to the public by way of short form prospectus (the "Offering").
In addition, the Company has granted the Underwriters an option ("Over-Allotment Option") to purchase up to an additional 529,500 Shares from the treasury of the Company at the offering price exercisable at any time up to 30 days following Closing (as defined below), for market stabilization purposes and to cover over-allotments, if any.
The net proceeds of the Offering will be used for growth opportunities and general working capital.
Closing of the Offering is expected to occur on or about February 4, 2014 and is subject to regulatory approval including that of the Toronto Stock Exchange.
The Shares to be issued under the Offering will be offered by way of a short form prospectus in each of the provinces of Canada, except Québec, and may be offered in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities Act of 1933, as amended, and certain other jurisdictions.
