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- Value to the general public of US $5.50 per share for gross proceeds of roughly US $100 million excluding the 15% over-allotment possibility
- Use of proceeds primarily to fund the expansion of HPDI 2.0TM gross sales by increasing manufacturing capability and investing in analysis and improvement of HPDI with hydrogen
VANCOUVER, British Columbia, June 03, 2021 (GLOBE NEWSWIRE) — Westport Gasoline Methods Inc. (TSX | Nasdaq: WPRT) (“Westport Gasoline Methods” or the “Firm”) at this time introduced the pricing of its beforehand proposed underwritten marketed public providing of frequent shares in america and Canada. The providing is comprised of 18,200,000 frequent shares at a worth to the general public of US $5.50 per share.
The Providing will likely be performed by means of a syndicate of underwriters led by RBC Capital Markets and J.P. Morgan as joint bookrunners (collectively, the “Lead Underwriters”), and together with Oppenheimer & Co. as senior co-manager and Craig-Hallum as co-manager (collectively with the Lead Underwriters, the “Underwriters”).
Westport Gasoline Methods may even grant the Underwriters an choice to buy extra Frequent Shares representing as much as 15% of the variety of Frequent Shares to be offered pursuant to the Providing, to cowl the Underwriters’ over-allocation place, if any, and for market stabilization functions. The choice will likely be exercisable by the Underwriters for a interval of 30 days following the closing of the Providing.
Westport Gasoline Methods intends to make use of the online proceeds of the Providing primarily for capital expenditures to develop and automate the manufacturing capability of the Firm’s high-pressure direct injection (“HPDI”) merchandise to fulfill buyer demand, and to advance the analysis and improvement of the Firm’s HPDI expertise to decarbonize transportation economically and effectively, together with utilizing hydrogen gas. The rest of the funds is to be allotted for potential acquisitions of bolt-on companies that supply complementary capabilities or applied sciences to current companies, to additional strengthen the steadiness sheet, in addition to for normal company functions.
In reference to the Providing, the Firm filed the preliminary prospectus complement (the “Preliminary Complement”) dated June 1, 2021 and can file a closing prospectus complement, to its closing brief type base shelf prospectus dated March 16, 2021 (the “Shelf Prospectus”) with the securities commissions or related regulatory authorities in every of the provinces of Canada, besides Québec. The Preliminary Complement has additionally been filed and the ultimate prospectus complement (the “Prospectus Complement”) will likely be filed, with the U.S. Securities and Alternate Fee as a part of the Firm’s registration assertion on Kind F-10 (the “Registration Assertion”) in accordance with the multi-jurisdictional disclosure system established between Canada and america.
Closing of the Providing is topic to customary closing circumstances, together with the approvals of relevant securities regulatory authorities, together with the Toronto Inventory Alternate and the Nasdaq Alternate and is predicted to happen on or about June 8, 2021. For the needs of Toronto Inventory Alternate approval the Firm intends to depend on the exemption set forth in Part 602.1 of the Toronto Inventory Alternate’s Firm Handbook referring to sure transactions involving eligible interlisted issuers on a acknowledged alternate, such because the Nasdaq Alternate.
The Providing is being made in Canada solely by the use of the Shelf Prospectus and the Prospectus Complement and in america solely by the use of the Registration Assertion. Such paperwork include vital details about the Providing. A replica of the Preliminary Complement, the Prospectus Complement and the Shelf Prospectus will likely be out there on SEDAR at www.sedar.com and a duplicate of the Preliminary Complement, the Prospectus Complement and the Registration Assertion will likely be out there on EDGAR at www.sec.gov. Copies of the Preliminary Complement, Prospectus Complement, the Shelf Prospectus and the Registration Assertion, when out there, may be obtained from the Firm, by contacting Supervisor, Investor Relations of Westport Gasoline Methods Inc. at 101 – 1750 West seventy fifth Avenue, Vancouver, British Columbia V6P 6G2, phone: (604) 718-2046 or by contacting RBC Dominion Securities Inc., 180 Wellington Road West, eighth Flooring, Toronto, ON M5J 0C2, Attn: Distribution Centre, or by way of phone: 1-416-842-5349, or by way of e-mail at Distribution.RBCDS@rbccm.com.
Potential traders ought to learn the Shelf Prospectus, Preliminary Complement, Prospectus Complement, the Registration Assertion and the paperwork included by reference therein for extra full details about the Firm and this Providing earlier than investing resolution.
No securities regulatory authority has both authorised or disapproved the contents of this information launch. This press launch shall not represent a proposal to promote or the solicitation of a proposal to purchase, nor shall there be any sale of those securities in any province, state or jurisdiction during which such provide, solicitation or sale can be illegal previous to the registration or qualification below the securities legal guidelines of any such province, state or jurisdiction.
About Westport Gasoline Methods
Westport Gasoline Methods is driving innovation to energy a cleaner tomorrow. The corporate is a number one provider of superior gas supply parts and techniques for clear, low-carbon fuels comparable to pure gasoline, renewable pure gasoline, propane, and hydrogen to the worldwide automotive business. Westport’s expertise delivers the efficiency and gas effectivity required by transportation functions and the environmental advantages that deal with local weather change and concrete air high quality challenges. Headquartered in Vancouver, Canada, with operations in Europe, Asia, North America and South America, the corporate serves prospects in additional than 70 international locations with main world transportation manufacturers. For extra data, go to www.wfsinc.com.
Cautionary Word Relating to Ahead Trying Statements
This press launch accommodates “forward-looking data” inside the that means of relevant securities legal guidelines (“ahead wanting statements“). Ahead wanting statements are often characterised by phrases comparable to “anticipate”, “intend”, “could”, “will”, “potential”, “proposed” and different related phrases, or statements that sure occasions or circumstances “could” or “will” happen. Ahead-looking statements made on this press launch embrace statements relating to the timing and completion of the Providing and the anticipated use of the proceeds to be raised if any. These ahead wanting statements are neither guarantees nor ensures, however contain recognized and unknown dangers and uncertainties and are based mostly on each the views of administration and assumptions which will trigger the Firm’s precise outcomes, ranges of exercise, efficiency or achievements to be materially completely different from any future outcomes, ranges of actions, efficiency or achievements expressed in or implied by these ahead wanting statements. These dangers, uncertainties and assumptions embrace these associated to COVID-19, its period, results and authorities responses thereto and the value and timing for the Providing share gross sales, issuance of Frequent Shares, the final economic system, circumstances of and entry to the capital and debt markets, solvency, governmental insurance policies and regulation, fluctuations in overseas alternate charges, in addition to different threat components and assumptions which will have an effect on our precise outcomes, efficiency or achievements or monetary place which are described within the Prospectus Complement, the Shelf Prospectus and the Registration Assertion, in addition to within the Firm’s steady disclosure filings out there below the Firm’s SEDAR profile at www.sedar.com and below the Firm’s EDGAR profile at www.sec.gov. As well as, the results and the affect of the COVID-19 outbreak, are unknown right now and will trigger precise outcomes to vary materially from the forward-looking statements contained herein. Readers mustn’t place undue reliance on any such forward-looking statements, which communicate solely as of the date they had been made. The Firm disclaims any obligation to publicly replace or revise such statements to replicate any change in its expectations or in occasions, circumstances or circumstances on which any such statements could also be based mostly, or which will have an effect on the chance that precise outcomes will differ from these set forth in these ahead wanting statements besides as required by legislation.
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