TSX Symbol: ETC
TORONTO, April 30 /CNW/ - Equitable Group Inc. ("Equitable") today
announced that it successfully completed its previously announced bought deal
offering of 769,231 common shares at a price of $32.50 per share for aggregate
gross proceeds of approximately $25 million. These are the same terms as
The bought deal with a syndicate of underwriters was co-led by Cormark
Securities Inc. and BMO Capital Markets, and included Blackmont Capital Inc.
and GMP Securities LP.
"The net proceeds of this offering will immediately bolster the Tier 1
regulatory capital of Equitable Trust, our wholly-owned subsidiary, and
provide us with a broader foundation to support efficient growth," said Andrew
Moor, President and Chief Executive Officer of Equitable Group. "This
represents the first time we have issued new shares publicly since our IPO
three years ago and we believe this initiative is appropriate given
Equitable's long-term opportunities and desire to fund our ongoing progress."
About Equitable Group
Equitable Group Inc. provides first mortgage financing through its
wholly-owned subsidiary, The Equitable Trust Company. It also offers
Guaranteed Investment Certificates to depositors as a nationally-licensed
deposit-taking institution. Equitable Trust was founded in 1970, and by
following a prudent, results-driven approach, Equitable has become a leader in
its primary niches: alternative single family dwelling as well as multi-unit
residential mortgage lending. The common shares of Equitable Group Inc. are
listed on the Toronto Stock Exchange under the trading symbol of "ETC". For
more information visit www.equitablegroupinc.com.
Notice to Readers
Certain forward-looking statements are made in this news release,
including statements regarding possible future business, financing and growth
objectives. Investors are cautioned that such forward-looking statements
involve risks and uncertainties detailed from time to time in the Company's
periodic reports filed with Canadian regulatory authorities. Many factors
could cause actual results, performance or achievements to be materially
different from any future results, performance or achievements that may be
expressed or implied by such forward-looking statements. Equitable Group Inc.
does not undertake to update any forward-looking statements, oral or written,
made by itself or on its behalf.
For further information:
For further information: Andrew Moor, (416) 513-3519; Stephen Coffey,