/This release is intended for distribution in Canada only and is not
intended for distribution to United States newswire services or for
dissemination in the United States/
- 5N Plus Inc. to Issue 10 Million Shares for Proceeds of
- II-VI Incorporated to Sell All of its Shares of 5N Plus for
Proceeds of $32 Million
MONTREAL, Dec. 12 /CNW Telbec/ - 5N Plus Inc. today announced that it has
filed a final prospectus in each of the provinces of Canada in connection with
an initial public offering and secondary offering of 20,671,801 common shares
at a price of $3.00 per share, for total proceeds of $62 million.
The offering consists of 10,000,000 common shares to be issued from
5N Plus' treasury, for gross proceeds to 5N Plus of $30 million, and
10,671,801 common shares to be sold by II-VI Incorporated of Saxonburg,
Pennsylvania, a minority shareholder, for gross proceeds to II-VI Incorporated
of $32 million. II-VI Incorporated (NASDAQ GS : IIVI) is selling all of its
shares of 5N Plus in the offering.
The net proceeds from the offering of treasury shares will be used by
5N Plus primarily to: (i) fund the construction of its new 40,000 square-foot
manufacturing facility in Eisenhuttenstadt, Germany, intended to increase the
Company's annual cadmium telluride production capacity; (ii) fund various
capital expenditures at its Montreal facility; and (iii) repay the Company's
bank loan and a portion of its long-term debt. The balance of the net proceeds
from the treasury offering will be used by 5N Plus for general corporate
purposes and working capital. The Company will not receive any proceeds from
the secondary offering by II-VI Incorporated.
The 20,671,801 common shares will be sold to a syndicate of underwriters
led by National Bank Financial Inc. and including GMP Securities L.P.,
Blackmont Capital Inc., MGI Securities Inc. and Laurentian Bank Securities
The offering is expected to close on December 20, 2007, at which time
5N Plus' common shares will commence trading on the Toronto Stock Exchange
under the symbol "VNP".
5N Plus has granted the underwriters an option to acquire up to 1,500,000
additional common shares, representing 15% of the number of shares to be sold
by it in the offering, to cover over-allotments and for market stabilization.
The over-allotment option may be exercised at the offering price of $3.00 per
share for a period of 30 days from the closing of the offering. Should the
over-allotment option be exercised in full, the total gross proceeds of the
offering will be $66.5 million, of which $34.5 million would be received by
5N Plus and $32 million would be received by II-VI Incorporated.
The common shares have not been registered under the United States
Securities Act of 1933, as amended, and subject to certain exceptions, may not
be offered or sold within the United States.
About 5N Plus Inc.
5N Plus draws its name from the purity of its products, 99.999%
(five nines or 5N) and more. 5N Plus, which has its head office in Montreal,
Québec, develops and produces high-purity metals and compounds for electronic
applications and provides its customers with recycling solutions. The Company
is an integrated producer with both primary and secondary refining
capabilities. 5N Plus focuses on specialty metals such as tellurium, cadmium
and selenium and on related compounds such as cadmium telluride and cadmium
sulphide. The Company's products are critical precursors in a number of
electronic applications, including the rapidly-expanding solar (thin-film
photovoltaics) market, for which 5N Plus is a major supplier of cadmium
telluride, and the radiation detector market.
Additional information about 5N Plus is available on its Web site at
A copy of the final prospectus will be available on SEDAR (www.sedar.com)
on December 13, 2007.
For further information:
For further information: Jacques L'Ecuyer, President and Chief Executive
Officer, 5N Plus Inc., (514) 856-0644, Jacques.Lecuyer@5nplus.com