On May 23, 2012, Leisureworld Senior Care Corporation (TSX:LW) (Leisureworld) completed its previously announced bought deal offering of subscription receipts. The syndicate of underwriters, led by TD Securities Inc., exercised its over-allotment option in full, resulting in a total of 4,680,500 subscription receipts being issued for total gross proceeds of C$56,400,025.
The net proceeds of the offering will be used to finance a portion of the purchase price of the acquisition of three luxury retirement residences in the Greater Vancouver Area in British Columbia. Leisureworld intends to close the acquisition as soon as possible.
Leisureworld is Ontario’s third largest licensed long-term care (LTC) provider, with 26 LTC homes, three retirement residences and one independent living residence.
Further information can be found on Marketwire’s website.