Tidewater Renewables raises USD 8.7m of additional IPO proceeds

The Prince George refinery in British Columbia. Source: Tidewater Midstream & Infrastructure Ltd

September 15 (Renewables Now) - Tidewater Renewables Ltd (TSE:LCFS), which recently closed a CAD-150-million (USD 119m/EUR 100.4m) initial public offering (IPO), has raised an additional CAD 11 million in gross proceeds pursuant to the over-allotment option granted to underwriters.

The clean fuels company, a unit of Tidewater Midstream & Infrastructure Ltd (TSE:TWM), has issued an additional 735 million common shares at the offering price of CAD 15.00 apiece. As previously announced, the underwriters of the offering, co-led by CIBC Capital Markets and National Bank Financial, were granted an over-allotment option to buy up to an additional 1.5 million common shares.

Following the latest transactions, Tidewater Midstream holds about 69.01% of the common shares in Tidewater Renewables.

Tidewater Renewables is an ‎energy transition company that focuses on the production of low carbon fuels, including renewable ‎diesel, green hydrogen and renewable natural gas, as well as carbon capture through future initiatives. The company’s initial platform is comprised of certain pre-existing operating assets and several growth projects acquired from its parent, including existing logistics, processing capacity, storage and utilities.

(CAD 1.0 = USD 0.791/EUR 0.669)

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