Alterra Power Corp (TSE:AXY) said today it has upsized its previously announced financing transactions and now expects total gross proceeds of about CAD 68.3 million (USD 51.6m/EUR 46.2m), including over-allotments.
The Canadian renewables company has agreed with a syndicate of underwriters co-led by National Bank Financial Inc and Raymond James Ltd to offer about 5.83 million common shares at a price of CAD 6.00 apiece, instead of just 4.17 million shares at that price.
Alterra has also increase the number of shares under the over-allotment option to 875,100 from 625,050, meaning that the company could raise a total of CAD 40.3 million from the upsized bought deal, including over-allotments.
At the same time, it will conduct an upsized non-brokered private placement of 4.67 million common shares at the same price for an additional aggregate gross proceeds of some CAD 28 million.
Alterra plans to use the capital to fund pre-construction and development activities for more than 850 MW of early-stage wind projects, to repay all outstanding amounts under its revolving credit facility and for general corporate purposes.
(CAD 1.0 = USD 0.756/EUR 0.677)
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