Canyon Services closes C$63.25 million bought deal financing

Torys acted as counsel to the underwriters led by Peters & Co. with a team that included Scott Cochlan and Leah Dickie (Canadian securities) and Eme Baack (U.S. securities).

On March 29, 2016, Canyon Services Group Inc. (Canyon) closed its previously announced bought deal offering of common shares. Pursuant to the offering, Canyon issued 15,812,500 common shares (including 2,062,500 common shares issued pursuant to the exercise in full of the over-allotment option granted to the underwriters) at a price of C$4.00 per common share, for total gross proceeds of C$63.25 million.

The syndicate of underwriters was led by Peters & Co. Limited and included CIBC World Markets Inc., Cormark Securities Inc., Raymond James Ltd., National Bank Financial Inc., AltaCorp Capital Inc., FirstEnergy Capital Corp., RBC Capital Markets and TD Securities Inc.

The net proceeds of the offering will be used to temporarily reduce bank indebtedness, increase working capital, fund ongoing capital expenditures and potential acquisition opportunities and for general corporate purposes.

Further information can be found on Canada Newswire's website.