/Not for distribution to U.S. news wire
services or dissemination in the United
States/
ST.
ALBERT, AB, Nov. 26,
2024 /CNW/ - 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, announced today that it
has entered into an agreement with Canaccord Genuity Corp. and
Raymond James Ltd. (the "Co-Lead Underwriters") as co-lead
underwriters on behalf of a syndicate of underwriters (the
"Underwriters") pursuant to which the Underwriters have
agreed to purchase, on a bought deal basis, an aggregate of
10,527,000 common shares at a purchase price of C$1.90 per common share for aggregate gross
proceeds of approximately C$20.0
million (the "Offering").
The Company has also granted the Underwriters an over-allotment
option, exercisable for a period of 30 days from the date of the
closing of the Offering, to purchase up to an additional 15% of the
aggregate common shares to be sold pursuant to the Offering.
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,
enabling it to capitalize on the robust growth opportunities
currently 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.
Closing of the Offering is expected to occur on or about
December 12, 2024, or such other date
as may be agreed upon by the Company and the Underwriters, subject
to customary closing conditions, including required approvals of
the Toronto Stock Exchange.
The shares to be issued under the Offering will be offered by
way of a short form prospectus in each of the 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 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.
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, statements relating to the Offering,
anticipated timing for closing of the Offering and the anticipated
use of proceeds. 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.
SOURCE Enterprise Group, Inc.
