October 22, 2014 / 12:22 PM / 4 years ago

Canada's AGT announces equity financing deal

TORONTO, Oct 22 (Reuters) - Canadian food and grain trader AGT Food and Ingredients said on Wednesday it plans to raise C$80 million ($71.3 million) in an equity offering, with proceeds being used for expansion in the food and packaged food segments and other growth plans.

The ‘bought deal’ offering being co-led by Cormark and GMP Securities is priced at C$28.00 a share, a 5 percent discount to AGT’s closing price of C$29.46 on Tuesday on the Toronto Stock Exchange.

A bought deal occurs when an underwriter, or a syndicate, buy shares from an issuer at a set price before selling them to the public.

The offering is expected to close on or around Nov. 13. If the over-allotment option is exercised in its entirety, the aggregate proceeds from the offering will be about C$92 million.

$1 = $1.1221 Canadian Reporting by Euan Rocha; Editing by Paul Simao

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