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VANCOUVER, May 23, 2019 /CNW/ - Premium Brands Holdings Corporation ("Premium Brands" or the "Company") (TSX:PBH) is pleased to announce that further to its news release dated May 21, 2019, it has completed its previously announced private placement (the "Private Placement") to certain shareholders of the Company (the "Investors").
Premium Brands issued an aggregate of 788,000 common shares from treasury to the Investors at a price of $76.02 per share for aggregate gross proceeds of approximately $60 million. The issue price is based on a 1.5% discount to the five-day volume-weighted average trading price of the Company's common shares as of the close of trading on May 17, 2019.
All common shares issued pursuant to the Private Placement are subject to a four month and one day statutory hold period.
Premium Brands intends to use the proceeds of the Private Placement to repay debt, finance organic and acquisition growth opportunities and for general corporate purposes.
About Premium Brands Holdings Corporation
Premium Brands Holdings Corporation owns a broad range of leading specialty food manufacturing and differentiated food distribution businesses with operations across Canada and the United States. For further information, please contact George Paleologou, President and CEO or Will Kalutycz, CFO at (604) 656-3100.
This press release contains forward-looking statements with respect to the Company's intended use of proceeds of the Private Placement.
Although management believes that the expectations reflected in such forward-looking statements are reasonable and represent the Company's internal expectations and belief as of the date hereof, such statements involve unknown risks and uncertainties beyond the Company's control which may cause its actual performance and results in future periods to differ materially from any estimates or projections of future performance or results expressed or implied by such forward-looking statements.
Details of the factors that could affect future results and could cause results to differ materially from those expressed or implied by the forward-looking statements contained herein can be found in the Company's fiscal 2018 MD&A, which is filed electronically through SEDAR and is available online at www.sedar.com.
Unless otherwise indicated, the forward-looking statements in this document are made as of the date hereof and, except as required by applicable law, will not be publicly updated or revised. This cautionary statement expressly qualifies the forward-looking statements in this press release.
The securities offered in this private placement investment have not been registered under the Securities Act of 1933 (the "Securities Act"), as amended, or any state securities laws, and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
SOURCE Premium Brands Holdings Corporation