CALGARY, AB – Tidewater Renewables Ltd. (“Tidewater Renewables” or the “Company“) (TSX: LCFS), today announced that, further to its recently completed initial public offering (the “Offering“) of an aggregate of 10,000,000 common shares (the “Common Shares“) at a price of $15.00 per Common Share (the “Offering Price“), Tidewater Renewables has issued an additional 735,000 Common Shares at the Offering Price pursuant to the over-allotment option granted by the Company to the Underwriters (as defined herein), in connection with the Offering, for additional gross proceeds of $11,025,000. The exercise of the over-allotment option has increased the total gross proceeds of the Offering to $161,025,000.
CIBC Capital Markets and National Bank Financial acted as lead underwriters and joint bookrunners for the Offering with a syndicate that included ATB Capital Markets., RBC Capital Markets, Acumen Capital Partners, Canaccord Genuity, Scotia Capital Inc., Stifel FirstEnergy, Tudor, Pickering, Holt & Co., Echelon Wealth Partners Inc., iA Private Wealth Inc., INFOR Financial Inc., and Paradigm Capital Inc. (collectively, the “Underwriters“).
The Common Shares of Tidewater Renewables trade on the Toronto Stock Exchange under the symbol “LCFS”.
The Offering was completed pursuant to the Company’s supplemented PREP prospectus dated August 12, 2021 (the “Prospectus“), filed with the securities regulators in each of the provinces of Canada, a copy of which is available under the Company’s profile on SEDAR at www.sedar.com.
The securities under the Offering have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the “U.S. Securities Act“), or the securities laws of any state of the United States and may not be offered, sold or delivered, directly or indirectly, in the United States (as such term is defined in Regulation S under the U.S. Securities Act) or to, or for the account or benefit of, U.S. Persons (as defined in the U.S. Securities Act), except pursuant to an exemption from the registration requirements of the U.S. Securities Act and applicable state securities laws. This news release does not constitute an offer to sell or solicitation of an offer to buy any of these securities in any jurisdiction in which the offering or sale is not permitted.