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WINNIPEG, Feb. 21, 2018 /CNW/ - Pollard Banknote Limited (TSX: PBL) ("Pollard Banknote" or the "Company"), a leading lottery partner that provides instant tickets, interactive solutions, and marketing support, is pleased to announce that it has closed its previously announced bought deal public offering of common shares in the capital of the Company through a syndicate of underwriters co-led by Canaccord Genuity Corp. and Acumen Capital Finance Partners Limited, and which included Cormark Securities Inc. (collectively, the "Underwriters"). Pollard Banknote issued 2,070,000 common shares, including 270,000 shares for which the Underwriters exercised their over-allotment option in full ("Common Shares"), at a price of $18.45 per Common Share for gross proceeds to the Company of approximately $38.2 million (the "Offering").
The Company expects to use the net proceeds from the Offering to repay indebtedness under the Company's credit facility and repay in full the Company's subordinated loan agreement with Pollard Equities Limited which was entered into in connection with the Company's acquisition of INNOVA Gaming Group Inc.
About Pollard Banknote
Pollard Banknote is a leading lottery partner to more than 60 lotteries worldwide, providing high quality instant ticket products, licensed games, and a full suite of digital offerings ranging from game apps to comprehensive player engagement and iLottery solutions, including strategic marketing and management services. The company is a proven innovator and has decades of experience helping lotteries to maximize player engagement, sales, and proceeds for good causes. Pollard Banknote also plays a major role in providing pull-tab tickets, bingo paper and its Diamond Game and Oasis-branded electronic ticket machines to charitable and other gaming markets in North America. Established in 1907, Pollard Banknote is owned approximately 67.6% by the Pollard family and 32.4% by public shareholders, and is publicly traded on the TSX (PBL). For more information, please visit our website at www.pollardbanknote.com.
Certain statements in this press release may constitute "forward-looking" statements and information, which involve known and unknown risks, uncertainties, and other factors that may cause actual results, performance, or achievements to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. When used in this document, such statements include such words as "may," "will," "expect," "believe," "plan," and other similar terminology. These statements reflect management's current expectations regarding future events and operating performance and speak only as of the date of this document. There should not be an expectation that such information will in all circumstances be updated, supplemented, or revised whether as a result of new information, changing circumstances, future events, or otherwise.
SOURCE Pollard Banknote Limited
For further information: Doug Pollard, Co-Chief Executive Officer, E-mail: email@example.com; John Pollard, Co-Chief Executive Officer, E-mail: firstname.lastname@example.org; Rob Rose, Chief Financial Officer, E-mail: email@example.com; Pollard Banknote Limited, Telephone: (204) 474-2323