NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES.
TORONTO, May 15, 2024 (GLOBE NEWSWIRE) — TerraVest Industries Inc. (TSX:TVK) (“TerraVest” or the “Company”) is pleased to announce that it has closed its previously announced upsized bought deal treasury offering (the “Offering”) and concurrent closing of the exercise in full of the over-allotment option granted to a syndicate of underwriters co-led by National Bank Financial Inc., Canaccord Genuity Corporation, and Desjardins Capital Markets (the “Underwriters”). Pursuant to the Offering, the Company issued an aggregate 1,300,000 common shares (the “Shares”) at a price of $74.25 per Share (the “Offer Price”) for gross proceeds of $96,525,000. The gross proceeds include 166,000 Shares issued at the same Offer Price for gross proceeds of $12,325,500 on the exercise in full of the over-allotment option granted to the Underwriters.
The net proceeds from the Offering will be initially allocated towards repaying existing debt and supporting general corporate activities, until required for future acquisitions or growth opportunities.
ABOUT TERRAVEST INDUSTRIES INC.:
TerraVest is a diversified industrial company that manufactures and sells goods and services to a variety of end-markets. The Company is a market-leading manufacturer of home heating products, propane, anhydrous ammonia (“NH3”) and natural gas liquids (“NGL”) transport vehicles and storage vessels, energy processing equipment and fiberglass storage tanks. TerraVest is focused on acquiring and operating market-leading businesses that will benefit from TerraVest’s financial and operational support. For more information on the Company, please visit https://terravestindustries.com/. Additional information relating to the Company, including all public filings, is available on SEDAR+ (www.sedarplus.ca).
FOR FURTHER INFORMATION, PLEASE CONTACT:
Dustin Haw
Chief Executive Officer
TerraVest Industries Inc.
Caution Concerning Forward-Looking Statements
This news release contains forward-looking statements. All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding the use of proceeds of the Offering, potential for future acquisitions by TerraVest, our strategic direction and evaluation of the business segments and TerraVest as a whole, TerraVest’s plans with respect to its existing portfolio businesses and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as “expects” and “will” or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.
By their nature, forward-looking statements require us to make assumptions and, accordingly, forward-looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements.
Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.
