/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
ST. ALBERT, AB, March 4, 2014 /CNW/ - Enterprise Group, Inc.
("Enterprise," or the "Company") (TSX:E) is pleased to announce that it
has agreed to increase the size of its previously announced bought deal
equity financing through a syndicate of underwriters led by Canaccord
Genuity Corp. and GMP Securities L.P. (collectively the
"Underwriters"). Under the new terms of the financing, the Underwriters
have agreed to purchase, on a bought deal basis, 24,000,000 common
shares of Enterprise (the "Common Shares") at a price of $1.00 per
Common Share, for aggregate gross proceeds of $24,000,000 (the
In addition, the Underwriters have been granted an option (the
"Over-Allotment Option") to purchase up to an additional 3,600,000
Common Shares to cover over-allotments, if any, for gross proceeds of
$3,600,000. If the Over-Allotment Option is fully exercised, gross
proceeds from the Offering will be $27,600,000. The Over-Allotment
Option is exercisable in whole or in part for a period of 30 days
following closing of the Offering.
Enterprise will use the net proceeds from the Offering to expand the
Company's capital program, as well as for general corporate purposes.
Closing of the Offering is expected to occur on or about March 25, 2014
and is subject to certain conditions including, but not limited to, the
receipt of all necessary approvals including the approval of the
Toronto Stock Exchange.
The securities offered have not been and will not be registered under
the U.S. Securities Act of 1933, as amended, and may not be offered or
sold in the United States absent registration or applicable exemption
from the registration requirements. This press release shall not
constitute an offer to sell or the solicitation of an offer to buy nor
shall there be any sale of the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services
companies operating in the energy, utility and transportation
infrastructure industries. The Company's focus is primarily
construction services and specialized equipment rental. The Company's
strategy is to acquire complementary service companies in Western
Canada, consolidating capital, management and human resources to
support continued growth. Enterprise became a Western Canadian leader
in flameless heat technology in September 2012 with its acquisition of
Artic Therm International Ltd., a leader in underground infrastructure
construction in June 2013 with the acquisition of Calgary Tunnelling &
Horizontal Augering Ltd., and a leader in oilfield service rentals in
January 2014 with the acquisition of Hart Oilfield Rentals Ltd.
Certain statements contained in this news release constitute
forward-looking information. These statements relate to future events
or the Company's future performance. The use of any of the words
"could", "expect", "believe", "will", "projected", "estimated" and
similar expressions and statements relating to matters that are not
historical facts are intended to identify forward-looking information
and are based on the Company's current belief or assumptions as to the
outcome and timing of such future events. In particular,
forward-looking statements contained in this press release include, but
are not limited to: the expected approvals for, and the closing of, the
Offering, and the use of proceeds from the Offering. These
forward-looking statements are based on assumptions and are subject to
numerous risks and uncertainties, certain of which are beyond the
Company's control, including the impact of general economic conditions,
industry conditions, volatility of commodity prices, competition, stock
market volatility and the ability to access sufficient capital. Actual
future results may differ materially. The Company's annual information
form for the year ended December 31, 2012 and other documents filed
with securities regulatory authorities (accessible through the SEDAR
website www.sedar.com) describe the risks, material assumptions and other factors that could
influence actual results and which are incorporated herein by
reference. The Company disclaims any intention or obligation to
publicly update or revise any forward-looking information, whether as a
result of new information, future events or otherwise, except as may be
expressly required by applicable securities laws.
SOURCE: Enterprise Group, Inc.
For further information:
For further information, please contact: Leonard D. Jaroszuk - President & CEO, or Desmond O'Kell - Senior Vice President
Corporate Phone: (780) 418-4400