Wayland Group Announces $50 million Bought Deal Financing

Published: October 11, 2018

Wayland Group Announces $50 million Bought Deal Financing

Wayland Group has entered into an agreement with a syndicate of underwriters led by Canaccord Genuity Corp., pursuant to which the Underwriters will purchase, on a bought deal basis pursuant to the filing of a short form prospectus, an aggregate of 30,350,000 units of the Company at a price of $1.65 per Unit for aggregate gross proceeds of $50,077,500.

Each Unit will consist of one common share and one-half of one common share purchase warrant of the Company. Each Warrant will be exercisable to acquire one common share of the Company for a period of three years following the Closing Date at an exercise price of $2.15 per common share, subject to adjustment in certain events. In the event that the volume weighted average trading price of the Common Shares for 10 consecutive trading days exceeds $3.25, the Company shall have the right to accelerate the expiry date of the Warrants upon not less than 30 days’ notice.