CALGARY, ALBERTA–(Marketwired – March 1, 2016) –
Tidewater Midstream and Infrastructure Ltd. (“Tidewater” or the “Corporation”) (TSX VENTURE:TWM) is pleased to announce today that, due to strong demand, the Corporation has increased the size of its previously announced public offering to 50,000,000 common shares (the “Common Shares”), at a price of $1.40 per common share (the “Offering Price”), for aggregate gross proceeds to Tidewater of $70 million (the “Offering”). The Offering will be underwritten by a syndicate of underwriters (the “Underwriters”) led by CIBC Capital Markets, Macquarie Capital Markets Canada Ltd. and National Bank Financial Inc.
The Underwriters will also have the option, exercisable in whole or in part, at any time for a period of 30 days following the closing of the Offering, to purchase up to an additional 7,500,000 common shares at the Offering Price to cover over-allotments, if any. In the event that the option is exercised in its entirety, the aggregate gross proceeds of the Offering to Tidewater will be $80.5 million. In all other respects, the terms of the financing and use of proceeds remain as previously disclosed.
Tidewater is a public company listed on the TSX-V that was formed to pursue the purchase, sale, and transportation of NGLs and related infrastructure throughout North America and export to overseas markets.