/NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE
TORONTO, May 8, 2014 /CNW/ - Callidus Capital Corporation ("Callidus")
(TSX: CBL), a provider of flexible and innovative asset-based loans, is
pleased to announce that, in connection with Callidus' recently
completed initial public offering of 18,000,000 common shares ("Common
Shares") at a price of $14.00 per Common Share, Callidus has
successfully closed the issuance of an additional 2,700,000 Common
Shares pursuant to the full exercise of the previously announced
over-allotment option (the "Over-Allotment Option") granted to the
underwriters for aggregate gross proceeds of $37,800,000 million. The
closing of the Over-Allotment Option brings the aggregate gross
proceeds of Callidus' initial public offering to $289,800,000.
The Common Shares trade on the Toronto Stock Exchange under the symbol
"CBL". Upon closing of the Over-Allotment Option there are 48,691,297
Common Shares issued and outstanding.
The offering was made through a syndicate of underwriters led by
Canaccord Genuity Corp. and including CIBC World Markets Inc., TD
Securities Inc., National Bank Financial Inc., GMP Securities L.P.,
Desjardins Securities Inc., and Dundee Securities Ltd. (collectively,
The net proceeds of the Over-Allotment Option will be used by Callidus
for growth capital to support new loan assets.
On April 23, 2014, Catalyst Fund General Partner IV Inc. ("GPIV")
acquired control or direction over 5,654,543 Common Shares,
representing approximately 12.29% of the issued and outstanding Common
Shares as at April 23, 2014. 1,529,371 Common Shares were acquired from
treasury and 4,125,172 Common Shares were acquired pursuant to a
prospectus exemption, rather than from treasury. The consideration for
the Common Shares acquired was $14.00 per Common Share.
The Common Shares are held by GPIV for investment purposes. Depending
on market and other conditions, GPIV may, directly or indirectly,
acquire ownership or control over additional Common Shares, through
market transactions, private agreements or otherwise, in accordance
with applicable securities legislation. Depending on market and other
conditions (and subject to previously announced lock-up agreements), GP
IV may sell any of its Common Shares.
A copy of the early warning report in respect of this acquisition can be
obtained by contacting GPIV at the following address: 77 King Street
West, Suite 4320, Toronto, Ontario M5K 1K2.
No securities regulatory authority has either approved or disapproved
the contents of this press release. This press release does not
constitute an offer to sell or a solicitation of an offer to buy any
securities of Callidus Capital Corporation in any jurisdiction in which
such offer, solicitation or sale would be unlawful. These securities
have not been and will not be registered under the United States
Securities Act of 1933, as amended or any U.S. state securities law and
may not be offered or sold in the United States except in compliance
with the registration requirements of said Act and applicable U.S.
state securities laws or pursuant to an exemption therefrom.
About Callidus Capital Corporation
Established in 2003, Callidus Capital Corporation is a Canadian company
that specializes in innovative and creative financing solutions for
companies that are unable to obtain adequate financing from
conventional lending institutions. Unlike conventional lending
institutions who demand a long list of covenants and make credit
decisions based on cash flow and projections, Callidus credit
facilities have few, if any, covenants and are based on the value of
the company's assets, its enterprise value and borrowing needs.
Callidus employs a proprietary system of monitoring collateral and
exercising control over the cash inflow and outflows of each borrower,
enabling Callidus to very effectively manage any risk of loss.
Certain statements made herein contain forward-looking information,
including in respect of any future acquisition of Common Shares by
GPIV. Although Callidus believes these statements to be reasonable, the
assumptions upon which they are based may prove to be incorrect.
Furthermore, the forward-looking statements contained in this press
release are made as at the date of this press release and Callidus does
not undertake any obligation to update publicly or to revise any of the
included forward-looking statements, whether as a result of new
information, future events or otherwise, except as may be required by
applicable securities laws.
SOURCE: Callidus Capital Corporation
For further information:
Chief Operating Officer