Davie Yards Inc.

Davie Yards Inc.

February 20, 2008 09:39 ET

Davie Yards Inc. Completes its Initial Public Offering

LEVIS, QUEBEC--(Marketwire - Feb. 20, 2008) - NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES

Davie Yards Inc. ("Davie" or the "Company"), the largest shipyard in Canada, is pleased to announce it has closed an initial public offering (IPO) on the Toronto Stock Exchange raising approximately C$41,512,500 through the issuance of 30,750,000 units at a price of C$1.35 per unit. 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 C$2.00 for a period of two years following the closing of the IPO.

Dundee Securities Corporation acted as sole underwriter of the initial public offering. Davie has granted the underwriter an over-allotment option exercisable at the discretion of the underwriter to purchase up to an additional 15% of the aggregate maximum number of Common Shares and Warrants offered under the IPO, for a period of 30 days following the closing of the IPO.

The Toronto Stock Exchange has approved the listing of the Common Shares under the symbol "DAV" and the Warrants under the symbol "DAV.W".

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 Yards Inc.

Davie Yards Inc. owns and operates 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 ASA
    Sigurd Lange
    Chief Executive Officer
    + 47 67 200 300
    418-837-5841