News
Equitable Group Inc. successfully completes $25 million share offering
TSX Symbol: ETC TORONTO, April 30 /CNW/ - Equitable Group Inc. ("Equitable") today announced that it successfully completed its previously announced bought deal offering of 769,231 common shares at a price of $32.50 per share for aggregate gross proceeds of approximately $25 million. These are the same terms as initially announced. The bought deal with a syndicate of underwriters was co-led by Cormark Securities Inc. and BMO Capital Markets, and included Blackmont Capital Inc. and GMP Securities LP. "The net proceeds of this offering will immediately bolster the Tier 1 regulatory capital of Equitable Trust, our wholly-owned subsidiary, and provide us with a broader foundation to support efficient growth," said Andrew Moor, President and Chief Executive Officer of Equitable Group. "This represents the first time we have issued new shares publicly since our IPO three years ago and we believe this initiative is appropriate given Equitable's long-term opportunities and desire to fund our ongoing progress." About Equitable Group Equitable Group Inc. provides first mortgage financing through its wholly-owned subsidiary, The Equitable Trust Company. It also offers Guaranteed Investment Certificates to depositors as a nationally-licensed deposit-taking institution. Equitable Trust was founded in 1970, and by following a prudent, results-driven approach, Equitable has become a leader in its primary niches: alternative single family dwelling as well as multi-unit residential mortgage lending. The common shares of Equitable Group Inc. are listed on the Toronto Stock Exchange under the trading symbol of "ETC". For more information visit www.equitablegroupinc.com. Notice to Readers Certain forward-looking statements are made in this news release, including statements regarding possible future business, financing and growth objectives. Investors are cautioned that such forward-looking statements involve risks and uncertainties detailed from time to time in the Company's periodic reports filed with Canadian regulatory authorities. Many factors could cause actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements. Equitable Group Inc. does not undertake to update any forward-looking statements, oral or written, made by itself or on its behalf. %SEDAR: 00020356E
For further information:
For further information: Andrew Moor, (416) 513-3519; Stephen Coffey, (416) 515-7000