Davie Yards Inc.
TSX : DAV
TSX : DAV.WT

Davie Yards Inc.

February 29, 2008 09:34 ET

Davie Yards Inc. Announces Closing of Over-Allotment Option

LEVIS, QUEBEC--(Marketwire - Feb. 29, 2008) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Davie Yards Inc. ("Davie" or the "Company") (TSX:DAV)(TSX:DAV.WT), the operator of the largest shipyard in Canada, is pleased to announce that Dundee Securities Corporation has exercised the over-allotment option granted to it in connection with its role as sole underwriter of the IPO of Davie, which closed on February 20, 2008. Davie issued 4,296,200 units at a price of $1.35 per unit pursuant to the exercise of the over-allotment option, resulting in gross proceeds of $5,799,870. Each unit is composed of one common share and one half of one common share purchase warrant, with each whole common share purchase warrant giving the holder the right to purchase one common share from Davie at a price of $2.00 for a period of two years following the closing of the IPO.

The total gross proceeds raised under the IPO and through the exercise of the over-allotment option was $47,312,370.

The Company's common shares and common share purchase warrants trade on the Toronto Stock Exchange under the symbols "DAV" and "DAV.WT", respectively.

This press release is not an offering of securities for sale in the United States. The securities have not been 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 an exemption from the registration requirements of that Act.

About Davie

The Company owns and operates a shipyard located in Levis, Quebec (the "Davie Shipyard"). With over 180 years of operating experience, the Davie Shipyard is the largest and among the most sophisticated shipbuilding facilities in North America. The Company builds, converts and repairs a wide range of sophisticated ships and other marine vessels, with a primary focus on complex and technologically advanced vessels for the offshore oil exploration and production services sector.

Contact Information

  • Davie Yards Inc.
    Audun Roneid
    Chief Financial Officer
    418-837-5841
    + 47 67 200 300