St. Albert, Alberta--(Newsfile Corp. - December 12, 2024) - Enterprise Group, Inc. (TSX: E) (OTCQB: ETOLF) (the "Company" or "Enterprise Group"), a consolidator of services to the energy sector that is focused primarily on specialized equipment rental, is pleased to announce it has closed its previously announced bought deal offering pursuant to a press release dated November 27, 2024. The Underwriters (as defined below) elected to exercise the over-allotment option in full, resulting in an aggregate of 15,131,585 common shares of the Company (the "Common Shares") being issued at a price of $1.90 per Common Share for total gross proceeds of approximately $28.8 million (the "Offering"). The Common Shares issued pursuant to the Offering will trade on the Toronto Stock Exchange under the ticker symbol E.
The Company intends to use the net proceeds from the Offering for working capital and general corporate purposes. This funding initiative will support the Company's continued expansion plans, as it seeks to capitalize on the robust growth opportunities in the burgeoning natural gas turbine power sector, while reinforcing its position as the leading player in the space. With robust activity fuelling the current quarter and a strong pipeline of projects supporting future expansion, the Company believes it is well-positioned to continue delivering strong results going forward underscoring its commitment to creating shareholder value while driving sustained, long-term growth. The underwriting syndicate was co-led by Canaccord Genuity Corp. and Raymond James Ltd. and included Acumen Capital Finance Partners Limited (collectively, the "Underwriters").
In connection with the Offering, the directors and officers of the Company entered into lock-up agreements pursuant to which they agreed not to sell or transfer any Common Shares for a period of 90 days from closing of the Offering. The Offering was completed in Canada by way of a final short form prospectus dated December 5, 2024 and filed with the securities regulatory authorities in each of the provinces of Canada, other than Québec, copies of which are available under the Company's profile on the System for Electronic Data Analysis and Retrieval + ("SEDAR+") at www.sedarplus.ca.
This press release does not constitute an offer of securities for sale in the United States. The securities being offered have not been, nor will they be, registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), and such securities may not be offered or sold within the United States or to, or for the account or benefit of, U.S. Persons (as defined in the U.S. Securities Act), absent registration under U.S. federal and state securities laws or an applicable exemption from such U.S. registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.
About Enterprise Group, Inc.
Enterprise Group, Inc is a consolidator of services including specialized equipment rental to the energy/resource sector. The Company works with particular emphasis on systems and technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. The Company is well known to local Tier One and international resource companies with operations in Western Canada.
More information is available at the Company's website www.enterprisegrp.ca. Corporate filings can be found on www.sedarplus.ca.
For questions or additional information, please contact:
Leonard Jaroszuk, Chairman & CEO, or
Desmond O'Kell, President & Director
780-418-4400
contact@enterprisegrp.ca
Forward-Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. The forward-looking statements in this news release including, without limitation, the anticipated use of proceeds and opportunities available to the Company. Actual future results may differ materially. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR+ website www.sedarplus.ca) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/233504
