/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
TORONTO, Feb. 4, 2021 /CNW/ - Polaris Infrastructure
Inc. (TSX: PIF) ("Polaris Infrastructure" or the "Company") is
pleased to announce that it has amended its agreement with a
syndicate of investment dealers co-led by Cormark Securities Inc.
and Clarus Securities Inc. (collectively, the
"Underwriters") and have agreed to increase the size of its
previously announced $40 million
"bought deal" public offering. Pursuant to the upsized deal terms,
the Underwriters have agreed to purchase 2,223,000 common shares
(the "Common Shares") from the treasury of the Company, at a
price of $20.25 per Common Share and
offer them to the public by way of a short form prospectus for
total gross proceeds of approximately $45
million (the "Offering").
In addition, the Company has granted the Underwriters an option
(the "Over-Allotment Option") to purchase up to an
additional 15.0% of the Common Shares of the Offering on the same
terms exercisable at any time up to 30 days following the closing
of the Offering, for market stabilization purposes and to cover
over-allotments, if any.
The net proceeds of the Offering shall be used for growth
initiatives, working capital and general corporate purposes.
Closing of the Offering is expected to occur on or about
February 25, 2021 and is subject to
regulatory approval including that of the Toronto Stock
Exchange.
The Common Shares to be issued under the Offering will be
offered by way of a short form prospectus in each of Provinces of
Canada, except Quebec, and may be offered in the United States on a private placement basis
pursuant to an exemption from the registration requirements of the
United States Securities Act of 1933, as amended, and
applicable state securities laws, and certain other jurisdictions
outside of Canada and the United States.
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. 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, and such
securities may not be offered or sold within the United States absent registration under
U.S. federal and state securities laws or an applicable exemption
from such U.S. registration requirements.
About Polaris Infrastructure
Polaris Infrastructure is a Toronto-based company engaged in the
operation, acquisition and development of renewable energy projects
in Latin America. Currently, the
Company owns and operates a geothermal project located in
Nicaragua and hydro projects
located in Peru.
Cautionary Statements
This press release contains certain "forward-looking
information" which may include, but is not limited to, statements
with respect to the completion of the Offering. Such
forward-looking information reflects management's current beliefs
and is based on information currently available to management.
Often, but not always, forward-looking statements can be identified
by the use of words such as "plans", "expects", "is expected",
"budget", "scheduled", "estimates", "forecasts", "predicts",
"intends", "targets", "aims", "anticipates" or "believes" or
variations (including negative variations) of such words and
phrases or may be identified by statements to the effect that
certain actions "may", "could", "should", "would", "might" or
"will" be taken, occur or be achieved. A number of known and
unknown risks, uncertainties and other factors may cause the actual
results or performance to materially differ from any future results
or performance expressed or implied by the forward-looking
information. Such factors include, among others, general business,
economic, competitive, political and social uncertainties; the
actual results of current geothermal and hydro energy production,
development and/or exploration activities and the accuracy of
probability simulations prepared to predict prospective geothermal
resources; changes in project parameters as plans continue to be
refined; possible variations of production rates; failure of plant,
equipment or processes to operate as anticipated; accidents, labor
disputes and other risks of the geothermal and hydro power
industries; political instability or insurrection or war; labor
force availability and turnover; delays in obtaining governmental
approvals or in the completion of development or construction
activities, or in the commencement of operations; the ability of
the Company to continue as a going concern and general economic
conditions, as well as those factors discussed in the section
entitled "Risk Factors" in the Company's Annual Information Form.
These factors should be considered carefully and readers of this
press release should not place undue reliance on forward-looking
information.
Although the forward-looking information contained in this press
release is based upon what management believes to be reasonable
assumptions, there can be no assurance that such forward-looking
information will prove to be accurate, as actual results and future
events could differ materially from those anticipated in such
information. Accordingly, readers should not place undue reliance
on forward-looking information. The information in this press
release, including such forward-looking information, is made as of
the date of this press release and, other than as required by
applicable securities laws, Polaris Infrastructure assumes no
obligation to update or revise such information to reflect new
events or circumstances.
SOURCE Polaris Infrastructure Inc.