Transaction|December 30, 2010
GWR Global Water Resources completes closing of C$61.4 million IPO
Torys acted as counsel to the underwriting syndicate with a team that included Jamie Scarlett, Rima Ramchandani, Dean Kotwal and Sumeet Dang (corporate and securities), Corrado Cardarelli and Andrew Wong (Canadian tax), Michael Fortier (environmental), Andy Beck and Christopher Roehrig (U.S. securities) and Peter Keenan (U.S. tax).
On December 30, 2010, GWR Global Water Resources Corp. (Global Water) (TSX: GWR) announced the closing of its initial public offering (the offering) of 8,185,000 common shares at a purchase price of C$7.50 per common share. In addition, the underwriters were granted an option to purchase up to an additional 1,227,750 common shares, which the option was exercised in part on January 28, 2011 resulting in Global Water issuing an additional 569,611 common shares. The offering raised gross proceeds of C$65,659,583.
Global Water is a corporation that was formed to acquire a minority interest in Global Water Resources, Inc. (GWRI). On closing of the offering, Global Water acquired an approximate 46.4% interest in GWRI (which will increase to 48.1% upon the exercised in part of the over-allotment option), with the remaining interest being held by the existing shareholders of GWRI, including management.
GWRI, in turn, will use the net proceeds of the offering for repayment of indebtedness and general corporate purposes.
The offering was made through a syndicate of underwriters led by Clarus Securities Inc. and CIBC World Markets Inc., and includes RBC Capital Markets, TD Securities Inc., GMP Securities L.P. and National Bank Financial Inc.
The common shares have not been, and will not be, registered under the United States Securities Act.
GWRI, headquartered in Phoenix, Arizona, provides water, wastewater and recycled water utility services to 14 utilities and more than 60,000 people in its service area around Phoenix.
Further information is found on Canada Newswire's website.
Global Water is a corporation that was formed to acquire a minority interest in Global Water Resources, Inc. (GWRI). On closing of the offering, Global Water acquired an approximate 46.4% interest in GWRI (which will increase to 48.1% upon the exercised in part of the over-allotment option), with the remaining interest being held by the existing shareholders of GWRI, including management.
GWRI, in turn, will use the net proceeds of the offering for repayment of indebtedness and general corporate purposes.
The offering was made through a syndicate of underwriters led by Clarus Securities Inc. and CIBC World Markets Inc., and includes RBC Capital Markets, TD Securities Inc., GMP Securities L.P. and National Bank Financial Inc.
The common shares have not been, and will not be, registered under the United States Securities Act.
GWRI, headquartered in Phoenix, Arizona, provides water, wastewater and recycled water utility services to 14 utilities and more than 60,000 people in its service area around Phoenix.
Further information is found on Canada Newswire's website.