ZENON Environmental Inc. (ZEN:TSX; ZEN.A:TSX, a water purification company, says it will raise about C$90.1 million (US$65 million) through a bought deal equity offering, with the proceeds earmarked for growth opportunities. Ontario-based Zenon said a syndicate of underwriters, led by GMP Securities Ltd., would purchase 3.96 million common shares of the company at C$22.75 apiece.
The underwriters also have an option to purchase up to an additional 595,000 common shares from Zenon at the same purchase price. The offering is scheduled to close on or about June 8.
Common shares to be issued under this offering will be offered by way of a short form prospectus in all of the provinces in Canada and in the United States on a private placement basis pursuant to an exemption from the registration requirements of the United States Securities act of 1933, as amended.
The securities offered have not been registered under the United States Securities Act of 1933, as amended, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. ZENON is provides advanced membrane products and services for water purification, wastewater treatment and water reuse to municipalities and industries worldwide.
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