TORONTO, June 6, 2016 /CNW/ - Canaccord Genuity Group Inc. (the "Company") (TSX: CF) is pleased to announce a non-brokered private placement ("Private Placement") for up to 6,876,824 units (each, a "Unit") to employees of the Company at a purchase price of C$4.17 per Unit, for aggregate proceeds to the Company of up to C$28,676,356. Each Unit consists of one common share ("Common Share") of the Company and one-half of one Common Share purchase warrant ("Warrant").
Common Shares issued under the Private Placement will be subject to a hold period of up to three years, with one-third of the Common Shares issued to each purchaser becoming freely tradeable on each anniversary of closing date of the Private Placement ("Closing").
Each whole Warrant will entitle the holder to acquire one Common Share at an exercise price of C$4.99 for a period of six months following the third anniversary of Closing. Warrants will not be listed and will not be transferable.
The Company intends to use the proceeds of the Private Placement to fund the Company's independent employee benefits trusts, established under its long term incentive plan, which will purchase common shares in the market to cover grants of restricted share units to those employees who have participated in the Private Placement.
The Private Placement is subject to customary closing conditions, including execution of subscription agreements and final approval by the Toronto Stock Exchange.
The Company anticipates closing the Private Placement as soon as practicable.
ABOUT CANACCORD GENUITY GROUP INC.:
Through its principal subsidiaries, the Company is a leading independent, full-service financial services firm, with operations in two principal segments of the securities industry: wealth management and capital markets. Since its establishment in 1950, the Company has been driven by an unwavering commitment to building lasting client relationships. We achieve this by generating value for our individual, institutional and corporate clients through comprehensive investment solutions, brokerage services and investment banking services. The Company has offices in 10 countries worldwide, including Wealth Management offices located in Canada, Australia, the UK, Guernsey, Jersey, and the Isle of Man. Canaccord Genuity, the international capital markets division, operates in Canada, the US, the UK, France, Ireland, Hong Kong, China, Australia and Dubai. To us there are no foreign markets.
Canaccord Genuity Group Inc. is publicly traded under the symbol CF on the TSX.
SOURCE Canaccord Genuity Group Inc.
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For further information: Christina Marinoff, Vice President, Investor Relations & Communications, Phone: 416-687-5507, email: firstname.lastname@example.org