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RSSRocky Mountain Dealerships Closes $24.18 Million Equity Financing
Rocky Mountain Dealerships Inc. today announced that it has closed its previously announced equity financing by way of a short form prospectus on a bought deal basis by completing the sale of 3,900,000 common shares (including 400,000 common shares issued pursuant to the partial exercise of an over-allotment option) at a price of $6.20 per share, for gross proceeds of $24,180,000.
The offering was completed through a syndicate of underwriters which was led by RBC Capital Markets and also included Canaccord Capital Corporation, Raymond James Ltd. and Macquarie Capital Markets Canada Ltd. After this offering, Rocky Mountain has approximately 17.76 million common shares issued and outstanding.
Net proceeds from the offering will initially be used to pay down outstanding bank debt and, subsequently, to fund Rocky Mountain's ongoing working capital requirements and to fund possible future acquisitions and capital expenditures.
