Canadian renewable natural gas firm EverGen completes USD-16m IPO

British Columbia-based renewable natural gas (RNG) infrastructure platform EverGen Infrastructure Corp (CVE:EVGN) has completed an initial public offering (IPO), raising about CAD 20 million (USD 15.9m/EUR 13.4m) in gross proceeds.

The company’s shares are now trading on the TSX Venture Exchange under the symbol "EVGN".

The offering, conducted by a syndicate of underwriters, consisted of 3,080,000 units at a price of CAD 6.50 apiece and could deliver additional gross proceeds of CAD 3 million if an over-allotment option is fully exercised. Each unit consists of one common share and one-half of one common share purchase warrant.

EverGen said on Wednesday that the IPO will enable it to continue expanding its infrastructure network.

The company earlier this year signed a 20-year off-take agreement with FortisBC Energy Inc for FortisBC to buy RNG for injection into its natural gas system from an anaerobic digester project to be built at EverGen’s existing Net Zero Waste Abbotsford composting and organic processing facility in Abbotsford, British Columbia. EverGen has also acquired Fraser Valley Biogas, British Columbia’s original renewable natural gas facility, and the Sea to Sky Soils composting and organic processing facility near Pemberton, British Columbia.

(CAD 1 = USD 0.797/EUR 0.672)

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