- Tantalus Systems Holding raised C$10.6M from its marketed public offering
- The company issued 4,710,110 common shares at C$2.25 per share
- Canaccord Genuity Corp. and Cormark Securities Inc. acted as co-leads of the offering
- Tantalus will file and announce its Q2 financial results on August 16
- Tantalus is a smart grid technology company
- Tantalus Systems Holding Inc. (GRID) opened trading at C$2.20 per share
Tantalus Systems Holding (GRID) has closed its overnight marketed public offering for gross proceeds of C$10.6M.
The company issued 4,710,110 common shares at C$2.25 per share, including 265,666 common shares issued pursuant to the partial exercise of the over-allotment option.
Canaccord Genuity Corp. and Cormark Securities Inc. acted as co-leads of the offering that included Beacon Securities Limited, PI Financial Corp. and Paradigm Capital Inc.
Mr. Peter Londa, President and CEO of Tantalus commented on the company’s recent success.
“Over the past six months, Tantalus successfully transitioned into a publicly-traded company by initially listing on the TSX Venture Exchange.
By accessing the public markets, we secured more than C$20M in capital to strengthen our balance sheet and accelerate our multi-pronged growth strategy. As we look toward the future, we plan on allocating capital to strategic initiatives to expand our growing market position within the public power and electric cooperative utility sector, including investments in our sales and marketing efforts, accelerating research and development initiatives to deliver next-generation solutions that digitize the distribution grid and pursuing a number of corporate development initiatives that may include strategic partnerships, mergers and acquisitions.”
The underwriters received a cash commission equal to 6.0 per cent of the gross proceeds of the offering. Tantalus also issued 282,606 compensation warrants to the underwriters. Each compensation warrant is exercisable for one common share at a price of $2.25 for a period of two years.
Tantalus will file and announce its Q2 financial results on August 16, 2021.
Tantalus is a smart grid technology company that transforms ageing one-way grids into future-proofed multi-directional grids that improve the efficiency, reliability and sustainability of public power and electric cooperative utilities.
Tantalus Systems Holding Inc. (GRID) opened trading at C$2.20 per share.