TORONTO, ONTARIO--(Marketwired - Aug. 21, 2014) -
NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR FOR DISSEMINATION IN THE U.S.
Park Lawn Corporation ("Park Lawn" or the "Company") (TSX VENTURE:PLC) announced today the closing of its previously announced offering of 685,000 common shares of the Company (the "Common Shares") at a price of $9.50 per Common Share for gross proceeds of $6,507,500 (the "Offering"). The Offering was conducted on a bought deal basis by Mackie Research Capital Corporation and GMP Securities L.P., acting as co-lead underwriters (collectively, the "Underwriters").
The Company has granted the Underwriters an over-allotment option exercisable at any time up to the date that is 30 days from the date of closing of the Offering to offer for sale up to an additional 102,750 Common Shares at a price of $9.50 per Common Share for additional gross proceeds of up to $976,125 on the same terms and conditions as the Offering.
The net proceeds from the Offering are expected to be used to fund the completion of the mausoleum addition at the Westminster Cemetery, Mausoleum & Cremation Centre, for future acquisitions, and for general business purposes.
About Park Lawn
Park Lawn Corporation provides goods and services associated with the disposition and memorialization of human remains. Products and services are sold to people on a pre-planned basis (pre-need) or at the time of a death (at-need). The Company owns and operates six cemeteries in the Greater Toronto Area and operates the crematorium at the Brampton Crematorium and Visitation Centre. The Company also owns 50% of Amety Ltd, which operates Tubman/Cadieux Funeral Homes in Ottawa and Western Quebec. The Harmonia business of the Company currently operates in Quebec City, Saint-Apollinaire, Gatineau and St. Georges under license. Park Lawn's common shares are listed on the TSX Venture Exchange under the symbol "PLC". The Company is the only Canadian publicly listed cemetery, funeral and cremation business. Park Lawn makes monthly dividend payments to its shareholders. The monthly dividend has been paid each month since January, 2011 and is currently $0.038 per share ($0.46 per share on an annual basis).
Cautionary Statement Regarding Forward-Looking Information
This news release contains forward looking information. Such forward-looking information is often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could", or "might" occur or to be achieved and any other similar expressions. In particular, this news release contains forward-looking statements in respect of the use of the net proceeds from the Offering. These forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect management's current judgment regarding the direction of the Company's business. Management believes that these assumptions are reasonable. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that could cause actual results to differ materially from those contained in the forward-looking information. Some of these risks, uncertainties and other factors are described under the heading "Risks Factors" in the Company's annual information form available on www.sedar.com. Forward-looking information is based on estimates and opinions of management at the date the statements are made. Except as required by law, the Company does not undertake any obligation to update forward-looking information even if circumstances or management's estimates or opinions should change. Readers should not place undue reliance on forward-looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.