OPTI Closes Equity Offering for Gross Proceeds of $150MM

OPTI has closed its previously announced public offering of 85,720,000 common shares at a price of $1.75 per share for gross proceeds of approximately $150 million. Upon closing of the Offering, the Company has 281,749,526 Common Shares outstanding.

The Offering was conducted through a syndicate of underwriters led by TD Securities Inc., Credit Suisse Securities (Canada), Inc. and RBC Capital Markets as joint bookrunners, together with Scotia Capital Inc., CIBC World Markets Inc., FirstEnergy Capital Corp., HSBC Securities (Canada) Inc. and National Bank Financial Inc. (the "Underwriters").

Pursuant to the terms of the Offering, OPTI has granted the Underwriters an over-allotment option to purchase up to an additional 12,858,000 Common Shares, exercisable at any time, in whole or in part, up to 30 days from the closing of the Offering. If the over-allotment option is exercised in full, OPTI would receive additional gross proceeds of approximately $22.5 million.


 

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