Pollard Banknote closes C$38.2 million bought deal financing

February 21, 2018

Torys represented Pollard Banknote with a team led by John Emanoilidis and that includes Josh Lavine, Jacob Posen, Brody Apotive and Mary Thomas Nagel (corporate/securities) and Patrick Shaunessy (tax).

On February 21, 2018, Pollard Banknote Limited ("Pollard Banknote") announced the closing of its previously announced bought deal public offering of common shares through a syndicate of underwriters co-led by Canaccord Genuity Corp. and Acumen Capital Finance Partners Limited, and which included Cormark Securities Inc. Pollard Banknote issued 2,070,000 common shares, including 270,000 shares for which the underwriters exercised their over-allotment option in full, at a price of C$18.45 per share for gross proceeds to the company of approximately C$38.2 million.

The company expects to use the net proceeds from the offering to repay indebtedness under its credit facility and repay in full its subordinated loan agreement with Pollard Equities Limited which was entered into in connection with its acquisition of INNOVA Gaming Group Inc.

Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high quality instant ticket products, licensed games, and a full suite of digital offerings ranging from game apps to comprehensive player engagement and iLottery solutions, including strategic marketing and management services.

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

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