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.