Martinrea International Inc.
TSX : MRE

Martinrea International Inc.

October 18, 2007 11:37 ET

Martinrea International Inc. Announces Closing of $126,875,000 Financing

TORONTO, ONTARIO--(Marketwire - Oct. 18, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR DISTRIBUTION TO US NEWSWIRE SERVICES

Martinrea International Inc. (TSX:MRE), a leader in the production of quality metal parts, assemblies and modules and fluid management systems focused primarily on the automotive sector, announced today that it closed its previously-announced private placement with a syndicate of underwriters co-led by Paradigm Capital Inc. and GMP Securities L.P. and including Clarus Securities Inc., Scotia Capital Inc., TD Securities Inc., RBC Dominion Securities Inc., National Bank Financial Inc. and Orion Securities Inc., pursuant to which the underwriters purchased from the Corporation 7,250,000 common shares on a "bought deal" basis at a price of $17.50 per common share for gross proceeds of $126,875,000.

The common shares will be subject to resale restrictions for a period of four months from the closing date under applicable securities legislation.

The net proceeds of the offering will provide Martinrea with funds available to finance its continued growth, for general corporate purposes and to pay down indebtedness.

This news release does not constitute an offer to sell or a solicitation of an offer to buy any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

The common shares of Martinrea trade on The Toronto Stock Exchange under the symbol "MRE".

This press release contains forward-looking statements based on assumptions, uncertainties and management's best estimates of future events. When used herein, words such as "intend" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are based on assumptions by and information available to the Company. Investors are cautioned that such forward-looking statements involve risks and uncertainties. Important factors that could cause actual results to differ materially from those expressed or implied by such forward-looking statements include such risks and factors as are detailed from time to time in the Company's periodic reports filed with the Ontario Securities Commission and other regulatory authorities. Actual results may differ materially from those currently anticipated. The Company has no intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

Contact Information

  • Martinrea International Inc.
    Nick Orlando
    President and Chief Financial Officer
    (416) 749-0314
    (905) 264-2937 (FAX)