EverGen Infrastructure Corp (TSX-V:EVGN) says it brought in total of C$20,103,160 in its initial public offering (IPO) after the underwriters partially exercised an over-allotment option.
This resulted in the issuing of a further 231,000 share purchase warrants for additional gross proceeds of C$83,160, the company said in a statement.
READ: EverGen Infrastructure delivers C$3.3M in revenue from its sustainable energy portfolio
Each additional warrant allows the holder to buy one company share for an exercise price of C$10.50 each until August 4, 2023.
The offering was conducted by a syndicate of underwriters led by Desjardins Capital Markets, Clarus Securities Inc., Echelon Wealth Partners Inc. and RBC Capital Markets acting as co-lead underwriters and joint bookrunners together with Haywood Securities Inc. and PI Financial Corp.
EverGen acquires, develops, builds, owns and operates a portfolio of renewable natural gas, waste to energy, and related infrastructure projects. The company currently has three facilities in its portfolio and plans to grow its platform into other regions in North America.
At the end of August, the company reported that its second-quarter 2021 revenue had increased by 111% compared to the previous quarter, driven by its acquisition of Western Canada’s first renewable natural gas producing facility
The Vancouver-based energy company reported C$3.3 million in revenue during the three-month period to end June 30, 2021, compared to C$1.6 million in 1Q 2021.
The group also posted adjusted EBITDA of C$1.9 million, an 830% increase from the previous quarter when the group was in the midst of acquiring the Fraser Valley Biogas facility and taking the company public in Canada.
EverGen began trading on the TSX Venture Exchange on August 4 this year.
Contact the author at giles@proactiveinvestors.com