Acuity Small Cap Corp. has issued an additional 200,000 class A shares at a price of $9.70 per Class A Share and an additional 261,280 Class A Share purchase warrants at a price of 30¢ per warrant for gross proceeds of $2,018,38 pursuant to the exercise by the agents of their over-allotment option.
Each warrant entitles the holder to purchase one Class A Share at a subscription price of $12 at 16:00 ET on Jan. 15, 2010. Including the over-allotment option, total gross proceeds of the corporation’s initial public offering were $42,018,384.00.
The Class A Shares and the warrants trade on the Toronto Stock Exchange under the symbols ASF and ASF.WT, respectively.
The corporation’s investment objectives are: to provide the holders of Class A Shares with long-term capital appreciation and (ii) to provide shareholders with monthly cash distributions.
Acuity Investment Management Inc. will provide investment advisory and portfolio management services to the corporation. The corporation intends to invest on an opportunistic basis in a broadly diversified group of issuers including, but not limited to, listed and unlisted issuers that are engaged in environmental technologies; the production of and/ or exploration for basic and precious metals; energy (in particular, uranium and oil & gas services); information technology; and health care and biotechnology.
Acuity was formed in 1990 and currently has assets under management of approximately $8.7 billion on behalf of mutual funds, pooled funds, closed-end funds and private and institutional clients.
The syndicate of agents for this offering was led by CIBC World Markets Inc. and Canaccord Adams and included BMO Capital Markets, National Bank Financial Inc., TD Securities Inc., Dundee Securities Corporation, HSBC Securities (Canada) Inc., Raymond James Ltd., Berkshire Securities Inc., Blackmont Capital Inc., Desjardins Securities Inc., GMP Securities L.P., IPC Securities Corporation, Richardson Partners Financial Limited and Wellington West Capital Inc.