Black Diamond closes bought deal financing

On March 27, 2017, Black Diamond Group Limited ("Black Diamond") closed its previously announced bought deal common share financing with a syndicate of underwriters co-led by Raymond James Ltd. and Peters & Co. Limited and including BMO Capital Markets, Cormark Securities Inc., Acumen Capital Finance Partners Limited, and National Bank Financial Inc. At closing, a total of 8,506,666 common shares of Black Diamond were issued at a price of C$3.75 per common share, including 773,333 common shares issued in conjunction with the exercise in full of the over-allotment option granted to the underwriters, for aggregate gross proceeds of approximately C$31,900,000.

The net proceeds of the offering are expected to be used to repay the debt drawn to fund the purchase price of Black Diamond's acquisition of the modular workspace rental fleet and related assets, including the Britco brand, from Britco LP, a wholly-owned subsidiary of WesternOne Inc. that was announced on March 6, 2017.

Black Diamond Group is a leading provider of workforce accommodation, modular buildings, energy services, and full turnkey lodging and major project solutions including planning and management, logistics, and catering to customers in Canada, the United States and Australia.

Further information can be found on Marketwired's website.